- Millions of people all across Africa and many other emerging countries don't have bank accounts.
- Kora aims to engage with existing communities in rural Africa to combat issues that keep communities circling the poverty drain by using blockchain technology in the current financial system in Africa.
Millions of people all across Africa and many other emerging countries don't have bank accounts.
Imagine yourself as a local farmer in a small village in rural Africa. Your work consists of performing agricultural activities and you continuously struggle to make a profit.
You don’t have access to a personal form of ID, nor a bank account. It seems that at every step there is something that makes your life journey a little bit more difficult.
This is the reality for millions of people all across Africa and many other emerging countries. Slowly and surely, however, it is changing for the better.
ADVERTISEMENT
KORA, the blockchain platform that unlocks growth in emerging markets, is introducing its blockchain infrastructure for a more inclusive financial system and announces their upcoming sale, going public on May 11.
“Kora Network uses blockchain technology as an immutable trust engine, increasing transparency and creating a reliable record of business activities, proving them a more stable investment opportunity to stakeholders. By opening up access to more investment capital and resources to better manage their finances, these communities have the chance to better plan their business activities, returning greater profit and gaining a fair share in the wealth they create,” CEO of Kora, Dickson Nsofor said.
Kora aims to engage with existing communities in rural Africa to combat issues that keep communities circling the poverty drain by using blockchain technology in the current financial system in Africa.
Kora’s founders quickly understood the positive impact blockchain technology could have for those affected by expensive and complicated access to financial services, and decided to develop an easily accessible solution aiming to change those people’s lives for the better.
The Kora Network is a platform built on four layers of infrastructure to provide low cost financial services that are universally accessible and have capabilities to utilize existing financial service platforms in emerging markets.
ADVERTISEMENT
Kora utilizes smart contracts, accessible to any user and designed to be compatible with existing financial services systems. Kora provides community members with a solution for wide-scale, sustainable adoption financial services platform built around three principles: Low Cost, Universal Access and Engagement with Existing Communities.
Kora has taken its first step already by successfully launching the first User Testing Program in Nigeria.
“We are currently conducting a user testing program in Kaduna Nigeria, which involves about 300 farmers. This has given us huge learnings and has been the foundation for the design and implementation of our various products, which will be running on the Kora testnet”.
Kora also plans to launch a beta version in Ghana in July 2018.
