Blockchain-a platform for micro-loans in Sierra Leone

The Nonprofit organization, Kiva is now launching a Blockchain-a platform for credit-credit tests in the African Sierra Leone. Kiva, the San Francisco-based non-profit organization, could make the credit in Sierra Leone more effectively. The government of the country work together closely on this project with Kiva.

By Alexandra cons
23. August 2019BTC$10.438,98 2.93%part Facebook Twitter LinkedIn xing mail

Kiva is planning the construction of a new Blockchain-a platform for the awarding of credits in Sierra Leone. The Blockchain-the Initiative was launched by the organization and the President of Sierra Leone, Julius Maada Bio together in life. In a Reuters report from 21. August comes Julius Maada Bio to the word:

This visionary step, here are today guaranteed that Sierra Leone is not excluded from the global digital economy.

Kiva allows already in 80 countries, small loans. But Sierra Leone is the first country, the access to a of the organization, developed Online loan system could get. The platform will use government-collected biometric data such as fingerprints. Using these data, the credit check is for borrowers. Schan Duff, Vice President of Strategy for Kiva, to:

A national identity programme would form the basis for the growth of a robust financial services Ecosystem.

This could in the long term, provide more security with the lenders.

small loans via the Blockchain, a digital wallet for payments

Apart from the implementation of the Blockchain, a further cryptographic speciality is in use: The digital wallet. The borrower will receive a Wallet, the transactions will be recorded in the Blockchain. Further, the virtual wallet is running a proprietary App. Partners of the project are to provide Wi-Fi Hotspots to the smooth use of the Wallet. The Wi-Fi Hotspots hit a sensitive nerve, because in Sierra Leone, only 15 per cent of the population have access to reliable Internet.

In addition, the Blockchain is to be completed by the project this year. This would ensure that the Locals will no longer have to rely on informal institutions such as community banks. Through these organisations, loans, or the disclosure of credit information only about the high charges are possible. A resident told Reuters:

It is very difficult to do business, because we have no Bank account and no possibility to take out loans. [The program] would not help us, because my mother knows how to sign their name – they only know how to use the fingerprint.

The micro-credit project of Kiva could be a real success in Sierra Leone.

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