Swifin does not offer any conversion of Lumi (AKL) into fiat. You will need to independently find a local institution that is willing and able to convert Lumi into any other currency or use any Lumi you have to pay for goods and services from participating Institutions either directly or via the online shop
Lumi is the Swifin Platform base currency and it is distributed in digital form only by the African Diaspora Central Bank. You may use Lumi to pay for goods and services from members willing and able to accept payment in Lumi for such goods and services without recourse to settlement in any other currency. You are encouraged to visit the online shop where you can part pay for goods and services supplied by independent Vendors.
Swifin was founded on the vision of an open ecosystem for delivering access to digital services to all. Swifin powers the Lumi issuance and distribution system globally. Swifin services are offered on the basis of a Platform as a service to sovereign states, central banks, and other regulated financial institutions which may use the platform to drive financial inclusion for all and to participate in the Lumi Real Time Payments System globally in accordance with the ECO-6 Exchange rate mechanism.
The Lumi for example is offered on the Swifin platform solely in digital form for use on the platform to transfer to other members to buy and sell products and services online in a way that ensures equitable access for all to the online digital marketplace and to participate in the Lumi Real Time Global Payments System for Participating Institutions.
Within the context of the Swifin Platform, any asset can be digitised in a way that makes it divisible and possible for it to be transferred from one member on the Swifin platform to another subject to any agreed terms by the relevant parties.
For traded assets, tokens and currencies for example it is possible to change one form (original) into another(converted) and deliver or settle the underlying converted value. This process is what is referred to as conversion. On the Swifin Platform assets, tokens and currencies are not converted as there is no delivery in any converted form but rather transformed into an equivalent value only to enable the members to hold a digital representation of other digital assets in equivalent form other than Lumi with ultimate settlement on the platform only in Lumi. This allows all members to participate in holding the equivalent value of any currency or any digital asset in transferrable form to facilitate exchange between members at rates available at the time of the transaction.
Where any form of conversion is available on the Swifin Platform therefore it will normally be by way of exchanging one asset with another exclusively in digital form without any obligation to deliver the underlying asset in any other form other than its equivalent value in Lumi or as may be specified by the ECO-6 Exchange rate mechanism as it relates to participating member states, Financial Institutions, Businesses and Individual members as may be applicable. For example if conversion of Lumi is permitted on the platform into the digital equivalent of any other currency then the only value that can be delivered is the original Lumi. In which case conversion is solely for the purpose of holding the Lumi in an alternative electronic or digital equivalent form which may be more suitable in certain markets particularly within continental African Countries for easy comparison of value with other relevant local currencies and for fast execution of national and cross border trade.
All conversions where available will be done at spot (or any predefined base rate as may be applicable under the ECO-6 ERM rules) rate available at the time of transaction, delivered in real time and the customer is always given the option to confirm acceptance of the conversion before the transaction can be completed and settled for the purpose of use on the marketplace for the purchase of goods and services from participating Merchants and Institutions.
When you convert a digital asset or utility tokens or credits or loyalty points into another you will always be subject to a conversion cost or buy/sell spread. The conversion process for AKL balances is from AKL to GBX where permitted and subsequently from GBX to other Points or credits or tokens such as USX and EUX with ultimately settlement only in Lumi.
Because the prices of traded credits or utility tokens can go up as well as go down relative to others, you will always be subject to a fluctuation in value of any credits you hold compared to its value in another digital value. For example if you hold AKL 100 in your Account, you will always hold AKL 100 unless you make a transfer to a Merchant which reduces the amount or receive a transfer which increases the amount – there are no holding fees and you can keep the AKL 100 for as long as you wish. However, the conversion value of AKL 100 into GBX or USX or EUX will vary depending on market prices and conversion buy/sell spreads applicable to each token or proxy currency at the time of transaction.
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.