Kora uses Blockchain Technology to Unlock Financial Markets for the Un(der)banked across the Globe
Company hopes to onboard 100,000 users by end of 2018
LONDON, NY, May 19, 2018 – Committed to reducing poverty through financial inclusion, Kora has launched a new network built on blockchain technology to unlock global growth by linking the value in local ecosystems with global markets. Already user tested in Nigeria with the first pilot set to launch in Ghana in June, the Kora Network platform was designed to create trust, security, efficiency and transparency.
Currently, there are an estimated two billion unbanked and underbanked people in the world, according to the World Bank’s Global Financial Inclusion database. Bank accounts are critical to small businesses to securely manage payments and savings, and to make transactions efficient and effective. When people lack a bank account, they lack critical resources that prevent them from improving their lives or businesses
“Businesses and individuals in emerging markets are severely underserved when it comes to their ability to access capital, chiefly due to lack of trust in financial agreements and data,” said Dickson Nsofor, CEO and co-founder of Kora. “Unlike many similar projects that fail to go beyond the idea stage, the Kora Network is making financial inclusion a reality.”
Accessible without internet or a smartphone, the Kora Network originates under-securitized assets, such as agricultural cash flows, mining, and corporate equities and bonds into security token chains. Ongoing user testing is focused on unlocking untapped capital in emerging economies; the program in Nigeria works in concert with 300 farmers, who now have the ability to quickly and easily send and receive funds from cities to rural areas at a low cost, eliminating the risks and inconveniences that come with purely cash transactions. Kora has partnered with Aeternity Blockchain for joint collaboration on its financial inclusion initiatives in Africa.
The company’s first pilot will take place in Ghana next month, supporting agricultural communities by providing identify, secure storage, marketplaces, money transfer and more via connections to global trade finance. Blockchain technology will support record-keeping, revenue-splitting and access to capital to grow the agricultural value chain. The goal is to expand to other markets throughout the year, onboarding 100,000 users by the end of 2018.
“While the cost of serving the unbanked is high for traditional financial institutions, technology makes everything possible and scalable,” Nsofor added. “It is my purpose in life to help more of the unbanked and underbanked achieve their dreams and goals while supporting industries in emerging markets as well. We focus on empowering individuals, businesses and communities through our network.”
The company’s public sale will launch on Friday May 18th 12:00 UTC and run through to June 18th 12:00UTC
Creating an infrastructure for inclusive, community-owned financial systems, Kora is a blockchain-based infrastructure for inclusive financial systems. At Kora, we believe that technology should empower instead of displace existing communities and networks. Kora was founded by Dickson Nsofor, a serial entrepreneur who has led organizations in internet, hardware and technology. Nsofor is a blockchain researcher and advisor to a number of blockchain projects. The notable board of directors includes: renowned payments expert Faisal Khan, top-10 blockchain influencer Dinis Guarda, John Edge, the chair of ID2020, and Anthony Ritossa, chair of Ritossa Family Office).
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