Lumi (currency) facts for kids
Quick facts for kids African Kingdoms lumi |
|||
|---|---|---|---|
|
|||
| ISO 4217 Code | None | ||
| User(s) | ECO-6 | ||
| Pegged with | Gold (4 grains or 0.2592 grams = 1 lumi) | ||
| Symbol | AKL | ||
The African Kingdoms lumi (pronounced LOO-mee) is a new currency for Africa and people of African heritage around the world. It's becoming more and more used across the African continent and in places where African people have settled, often called the "Sixth Region."
In March 2024, the lumi (AKL) became an official currency for development projects in Africa. This happened when it was accepted by Water and Sanitation for Africa (WSA). WSA is a big group of 47 African countries that works to bring clean water and good sanitation to people in Africa.
Contents
How the Lumi Started
The lumi was first made official in 2014 by a special law in Accompong. Accompong is a self-governing village in Jamaica. The Central Solar Reserve Bank of Accompong then started giving out the lumi. It was the currency for Accompong and other self-governing Maroon territories. The actual lumi banknotes were printed in Canada.
The lumi was created by Chief Semako The First King Timothy Elisha McPherson. At the time, he was the Minister of Finance and a founder of the Bank of Accompong. He is also a financial expert from the Maroon territory of Queen Nanny of the Maroons in Jamaica.
Who Uses the Lumi Now
The first lumi banknotes were printed in 2016 for use in Accompong. But since 2020, the lumi has been adopted as the official currency by a group called the Economic Community of the States, Nations, Territories and Realms of the African Diaspora 6th Region (ECO-6).
ECO-6 includes different governments and organizations. Some of these are the Republic of Vanuatu, the Nation State of Hawai’i, the World Indigenous Bank, the State of the African Diaspora, the United Kingdoms of Africa, and the African Diaspora Central Bank.
Understanding Currency Rules
The Bank of Jamaica (Jamaica's main bank) made a statement about the lumi. They said that only they can issue currency for the island of Jamaica. This was to show that the laws for the Maroon territories are different from the laws for the rest of Jamaica.
The Central Bank of Accompong also made a public statement. They said that financial groups in Accompong follow their own laws, not the Bank of Jamaica's laws. This helped make it clear that the Maroon Bank Act and the Bank Act of Jamaica are two separate sets of rules for different areas.
What Makes the Lumi Special
The lumi is backed by solar energy. This means its value is connected to power purchase agreements for solar energy. It also has a fixed value of 4 grains of gold (which is about 0.2592 grams) for every 1 AKL.
This makes the lumi the first non-fiat currency issued by a modern central bank. A non-fiat currency is one that is backed by something real, like gold or energy, rather than just by a government's promise. For example, the Central Bank of Zimbabwe also started using a non-fiat currency in 2024.
The lumi is no longer used as the currency in Accompong itself. Now, it is only issued by the African Diaspora Central Bank (ADCB). The Central Solar Reserve Bank became part of ADCB after Colonel Richard Currie became the new leader of Accompong.
See also
- African Monetary Union
- African Central Bank
