The American non-profit organization Kiva, which collects funds for financial integration, together with the authorities of Sierra Leone launched a blockchain platform for storing credit history.
It is reported that the platform will use biometric data, such as fingerprints, to access the credit history of citizens of the state. With its help, banks and lenders will be able to find out the credit history of their borrower.
Residents of Sierra Leone who want to get a loan will open a special electronic wallet for loans, all of which will be recorded on the blockchain. You can use the mobile application to access the wallet, and Wi-Fi access points will be placed to access the Internet.
Note that Sierra Leone is located in Africa and remains one of the poorest countries in the world, despite the large reserves of minerals. About 85% of the country’s population do not have Internet access, and 75% of the population cannot use banking services.
According to the president of the country, Julius Maada Bio, the government hopes that by the end of the year all banks and microfinance organizations of the country will join the blockchain system.
Recall that the Kiva organization began to cooperate with the government of Sierra Leone in the fall of last year. Two UN units also took part in the project “modernization of the credit bureau”.