Kora Network An Infrastructure for Inclusive Financial Systems

kora network is a financial project that is targeted at bringing the lower class people into the financial economy by providing an all inclusive financial platform through which no matter the level of one’s status, you are able to get access to financial services. The project would help in making sure the lower class considered by the banks, the e-commerce and e-money firms to be non-profitable class of the economy, are brought into the financial system as they account for more than 90% unaccounted for monies that could help the financial system to be more self sustaining.

The problems identified by Kora network that prevents most of these lower class especially those in the rural areas and communities from easy access to banking services include the high cost of transportation, lack of correct documents for identification purposes, the distrust these people have for the already existing financial institutions and lack of understanding the impact technology has to offer in the financial sector, lack of basic financial literacy and the misconstrued perception by the financial players that these lower cadre are of little value and have nothing to offer to the financial economy.

Kora network aims to solve these problems by lowering the cost through which people in these so called “low profit” zones, gain access to financial services, making loan and lending services easily accessible to all, easy access to banking services in respective of whether they have access to the internet or not, through basic phones SMS and short code features. If one happens to be knowledgeable about the technological means of accessing bank services, they would provide a Mobile App that will be made secure using block chain technology to secure people’s accounts.

The Kora network project also will actively engage in building wealth by the creation of self-sustaining, community-owned financial ecosystems. The system will be “self- sustaining” in the sense that the wealth generated in the community as a whole grows exponentially and “community-owned” means participants in the existing community take up important roles within the ecosystem.

The network will use Ethermint platform for it’s services as it supports the Ethereum development community, the largest in the blockchain space. It also supports high transactions volumes and provides extensive security for the privacy of the user while been in accordance with the rules and regulations of the financial sector.

They will offer a token service known as the Kora network token (KNT) which would help with ease of access to banking services to help any user subscribed to the Kora network and also ease of carrying out financial transactions with transparency.

In conclusion, Kora network will help with ease of money transfers or transactions, lending money to the people who are really in need of loans to start up businesses of their own, help farmers receive their monies without delay after delivery of produce from the rural areas to the urban areas, international transfer of funds. in March this year, they would also launch the Kora Network programme that helps with ease of transfer of funds to farmers in the rural communities from the farm aggregator in instead of farmers going to the centre and carrying wads of cash from Abuja to their communities thereby reducing cases of robbery on their way back from Abuja.

WEB:- https://kora.network

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