San Fransisco-based Kiva, a financial services charity, has launched a blockchain platform to create online identities for Sierra Leone residents. The
Kiva Protocol will allow those who struggle to get loans to prove their credit history. The 14-year old organization has provided more than $1.3 billion in microloans.
A report published by
Reuters said Kiva and Sierra Leone President Julius Maada Bio officially launched the system in the capital Freetown on Wednesday. It was developed in conjunction with the United Nations.
According to Sierra Leone’s central bank, over three-quarters of the African country’s population lies outside the formal banking sector. Informal institutions like community banks and microfinance lenders are more common. But they rarely share credit information and often charge extortionate interest rates.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
