With months of inability to access accounts, Lumi beneficiaries are now accusing the program of being a scam


Despite the desperate requests from Lumi stimulus beneficiaries to have their digital Lumi changed to fiat currencies, it appears that Swifin has dampened their hopes by hurting the transfer. This is the statement made by the company.

“The African Diaspora Central Bank is the sole entity that distributes Lumi, the base currency of the Swifin Platform, in digital form. Without having to settle the transaction in any other currency, you can use Lumi to pay for goods and services from members who are willing and able to accept payment in Lumi for such products and services.”

“Lumi (AKL) conversion into fiat is not available through Swifin. To utilize any Lumi you have to pay for goods and services from participating Institutions, either directly or through the online store, you must independently locate a local institution that is willing and able to exchange Lumi into any other currency.”

Swifin was established with the goal of creating an open ecosystem that would provide everyone with access to digital services. Lumi’s global issuance and distribution system is powered by Swifin. In accordance with the ECO-6 Exchange rate mechanism, Swifin services are provided on the basis of a Platform as a Service to sovereign states, central banks, and other regulated financial institutions. These organizations may use the platform to promote financial inclusion for all and to take part in the Lumi Real Time Payments System globally.

For instance, the Lumi is only available in digital form on the Swifin platform, where it can be transferred to other users to be used for online transactions such as the purchase and sale of goods and services while also enabling participation in the Lumi Real Time Global Payments System for Participating Institutions.

Any asset can be digitalized within the framework of the Swifin Platform in a way that makes it transferable from one member of the Swifin platform to another, subject to any terms that have been agreed upon by the relevant parties.

It is possible to alter one form (original) into another (converted) for traded assets, tokens, and currencies, for instance, and deliver or settle the underlying converted value. Conversion is the term used to describe this process. Assets, tokens, and currencies are not converted on the Swifin Platform because there is no delivery in any converted form. Instead, they are changed into an equivalent value so that members can hold a digital representation of other digital assets in an equivalent format aside from Lumi, with Lumi serving as the platform’s only final settlement currency.

This enables all members to take part in holding the equivalent value of any cash or digital asset in a transferable form to facilitate member exchanges at the current market rates.

The customer is always given the option to confirm acceptance of the conversion prior to the transaction being completed and settled for the purpose of use on the marketplace for the purchase of goods and services from participating Merchants and Institutions. All conversions, where available, will be done at spot (or any predefined base rate as may be applicable under the ECO-6 ERM rules) rates available at the time of transaction, delivered in real time.

A conversion fee or buy/sell spread will always apply when you exchange a digital asset, utility token, credit, or loyalty point for another. If permitted, AKL balances are converted to GBX, and then from GBX to various Points, credits, or tokens like USX and EUX, with Lumi serving as the sole form of settlement in the end.

There will always be a fluctuation in the value of any credits you own compared to its value in another digital value because the prices of traded credits or utility tokens might go up as well as down relative to others.

If you have 100 AKL in your account, for instance, you will always have 100 AKL until you transfer that amount to a merchant or receive a transfer that increases the amount. There are no holding costs, and you can keep the 100 AKL for as long as you like. However, based on market prices and the buy/sell spreads for each token’s conversion, the value of AKL 100 converted into GBX, USX, or EUX will change.

The Swifin Platform allows anyone to hold credits in digital form and exchange those in real time with other participants or in exchange for goods and services sold on the online shop. There are Partners on the platform who can trade with other members of the exchange to facilitate the delivery of the underlying goods services where necessary and where available subject to independent terms of business between the parties. Some of these participants are regulated financial institutions and they play the role of a Market Maker for the relevant digital values. They may enter into conversion transactions with other members of the Swifin Community at rates determined and agreed wholly and solely between the relevant parties who must both be members of the Swifin Community.”


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