Home - Bitcoin - Nigerians Taking Advantage of Decentralized Loans


January 28, 2022

Nigerians Taking Advantage of Decentralized Loans

Global climate change is continuing to test the world’s productivity, and it has already had a negative influence on Nigerians ability to maintain a minimum level of sustainable products production, as well as food security for a large portion of the population. Today, 100 million people in Africa are affected by numerous crises, catastrophes, and catastrophic levels of food insecurity, with the number of people affected rising by more than 60% between 2019 and 2020.

As a result, under the United Nations Sustainable Development Goals, social uplift has become a primary goal for environmental, social, and corporate governance (ESG) impact investing and worldwide interest (UNDP).

As public awareness of climate change grows, it becomes increasingly more critical to assist in bridging the gap between a strong global economy and less vibrant community-building projects.

Because millennials are becoming a more powerful force in the Nigerian economy, tapping into the cryptocurrency market, where many of these individuals are already active, could be the key to unlocking a new generation of economic opportunities and supporting African communities with a market worth over $2 trillion.

MELD is an open-source, non-custodial liquidity protocol for lending and borrowing crypto and fiat currencies. Its mission is to level the playing field between the “haves” and the “have-nots,” creating opportunities for the bottom 97 percent of the world’s population and assisting them in gaining financial control. MELD has teamed with Tingo, a Nigerian telco, to develop low-interest microloans that would provide highly efficient decentralized finance (DeFi) lending and borrowing options.

Tingo Mobile is democratizing access to mobile, technological, and financial services throughout Africa. Tingo Mobile is using technology to help the Nigerian agricultural sector.

Also Read:  What Ripple CEO Brad Garlinghouse says about XRP's future: Read Here

Farmers and cooperatives in Nigeria can use their digital platform to sell their produce at wholesale or retail levels, getting the greatest possible market price. They presently process over 500,000 transactions per day, with an average value of $16 per transaction and a total value of $8 million.

The sale of produce (grain, corn, yam, beans, cassava, and so on), settlement, brokerage, escrow, and the organization of storage and transportation are all covered by these transactions. The transactions are completely anonymous, and all payments are issued and received through Tingo Mobile wallets, allowing for complete transaction supervision.

MELD’s relationship with Tingo is only one of several that will assist the company realize its admirable aim of providing economic freedom to oppressed people. MELD has also just begun collaborating with World Mobile to develop financial instruments that would allow individuals to access the internet in areas where it was previously unavailable. As a result, MELD maintains its focus on Africa as a crucial market, forming several alliances and complementing Cardano’s efforts.

CUDOS, a decentralized cloud computing network, has also just joined with the company. The partnership’s main purpose is to support each other’s protocols while also providing complete financial services to their consumers.