Organising money: Introducing complementary currencies in a context of scarcity

Juan Ocampo, PhD student within the graduate school Agenda 2030, gives his final seminar Organising money: Introducing complementary currencies in a context of scarcity.

Supervisors: Ester Barinaga and Jens Rennstam, Dept. of Business Administration

Opponents: Sofia Ulver, Dept. of Business Administration, and Eduardo Diniz, Fundaçao Getulio Vargas, Sao Paulo School of Business Administration

Please contact juan [dot] ocampo [at] fek [dot] lu [dot] se (the author) for access to the script, and if you wish to attend the seminar online.

Abstract

Despite efforts towards financial inclusion, over 3 billion people remain impoverished worldwide. Conventional approaches have not adequately addressed this issue. Complementary currencies have emerged as grassroots innovations aiming to alleviate poverty by improving access to common good and services within communities. This study investigates the introduction of a complementary currency in Kisumu, Kenya, utilizing a sociomaterial perspective and drawing on theories of money. Through examination of the experiences of researchers, local communities, and FinTech organizations, two key concepts are developed: Market Inclusivism and Monetary Activism. These concepts highlight the importance of communities’ democratic participation in shaping monetary arrangements and advocate for the consideration of 'development imaginaries' in currency design. Furthermore, the research reveals that monetary systems are dynamic and continually evolving through regulating, representational, and communal practices. This suggests that monetary arrangements are not fixed but shaped by ongoing interactions within the monetary arrangement. In conclusion, this study underscores the dynamic nature of money and emphasizes the need for stakeholders to reflect on the type of monetary systems they wish to foster. By integrating these insights, grassroots communities, development organizations, social entrepreneurs, and local governments can contribute to the creation of more inclusive and beneficial monetary systems.