Fintech at the heart of better financial inclusion

Fintech at the heart of better financial inclusion

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The open banking revolution with deferred payment or the explosion of cryptocurrencies illustrates the global dynamism of financial technology. This transformation also provides increased financial inclusion…

Easy access to credit for “vulnerable” populations

Migration movements around the world are prompting the need to rebuild quickly in a new country. Nova Credit, an American fintech company expanding in Europe, allows immigrants simplified access to credit. In fact, when they arrive, these people have no credit history and find it difficult to access credit-based products at fair prices such as credit cards or auto financing. Nova Credit extracts the stable credit data of newcomers from their home country and converts it into an equivalent score and report that can be used by lenders and financial service providers in the new host country. Thus, Nova Credit offers a global credit data management base that makes the transition between countries much smoother.

In the US, SoLo Funds, a peer-to-peer community lending platform, allows people with weak banks to borrow money urgently. Users make or fund loans from 50 to 500 dollars. Borrowers choose when they want to repay the loan and “tipping” the person financing the loan. The average term of loans on the site is 15 days.

Mobile Money: Africa’s Development Factor

The mobile phone has become a “commodity” all over the world. It is also a formidable tool for the development of the African continent. Clarification: Cinetpay, the online payment solution that allows mobile money payments to be collected on the African continent. The startup from Cameroon provides companies with solutions for electronic fundraising and remittance. It also allows millions of people excluded from financial services to pay online by supporting more than 40 of the most popular payment methods in French-speaking Africa. Its payment solution gets integrated in less than 24 hours.

Create your own credit and loyalty card

Historically, only large corporations could claim to offer their own credit and/or loyalty card stamped with their brand name, relying on the strike power of traditional network banks. Today, technology makes it possible to lower barriers to entry and open up to smaller players. This is the latest case of hotel and hostel chain Selina, which used New York fintech Imprint to launch its own debit card along with a loyalty program targeting Generation Z. The cards are also “connected” to the Venmo and Coinbase crypto-settlement system. The product is based on the Imprint cloud with the hotel owner’s operating systems: Salesforce CRM software and Duetto revenue management software. The new bank system also avoids credit checks, high interest rates, and additional fees that may deter customers.

Crypto assets, a tool for this embed

Crypto assets contribute to financial inclusion, particularly by reducing costs, streamlining processes, eliminating middlemen, and speeding up transactions… Chrono.Tech, an Australian financial technology specialist in blockchain HR solutions, is one of the illustrations with its global platform LaborX to connect freelancers and businesses. Services that are paid exclusively in cryptocurrencies. This opens the freelance job market to unbanked workers around the world.

Cryptocurrency Microloans: An Inspiring Example

As the Africa CEO Forum recently noted, cryptocurrency lending platforms in Africa such as KamPay and Koinwa are also innovating in inclusion. KamPay has created a crypto-based microcredit service with a dedicated program for smallholder farmers in sub-Saharan Africa. The loans are in the form of vouchers redeemable against agricultural products at the points of sale of its partner Africa Grain and Seed (AGS) located mainly in Zimbabwe. Thus, the farmer does not receive real money and everything is stored on the blockchain. The loan is repaid from the Kampay wallet when the crop is sold.

This original idea of ​​a collateral-free loan to farmers will undoubtedly be able to inspire others on the fintech planet. Follow…

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