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The client was a Denmark-based foundation focusing on empowering underserved communities with the help of innovative technology. With a focus on improving financial accessibility for rural populations in countries like Ghana and Niger.
The client wanted to make a Blockchain-based Fintech solution for a Village Savings and Loans Association (VSLA) initiative. VSLA can help millions of underprivileged people access loans and financial services in a secure and transparent way.
The core objectives of this solution include facilitating microfinance transactions without depending on traditional banking systems and integrating alternative communication channels for improving access to loans in poverty-stricken regions.
In several regions of African countries, access to financial services or loans remains a critical challenge, particularly in rural areas. Conventional banking systems are either non-existent or insufficient to meet the needs of these communities. Our clients sought a decentralized and cost-efficient Fintech solution to address these challenges effectively.
Some of the major hurdles in developing a Blockchain-powered Fintech solution are-
Rural and remote regions had no access to traditional banking systems which necessitated an alternative financial model.
Many individuals have little or no experience of using technology and even smartphones.
Developing a back-end that maintains efficiency while minimizing costs is a complicated task.
In-house teams of experienced developers have made a robust, Blockchain-based solution to address key challenges effectively
We implemented a secure and decentralized Blockchain-based back end to manage microfinance transactions. It eliminates banking intermediaries and increases transparency.
We integrated Airtel Wallet in a Fintech solution to provide a reliable mobile banking system to rural users in Ghana and Niger countries.
We developed a USSD-based interface to reach users without smartphones. Our interface enables users to interact with the platform through simple text commands.
We launched the solution successfully. Its scalable architecture works seamlessly and our client plans to expand it into other African countries as well.
Blockchain in backend
USSD in front-end
Airtel Wallet as a mobile wallet
The Blockchain-based microfinance solution covered large rural communities in Ghana and Niger. More than 10000 users living in rural areas of Ghana and Niger benefited from simplified loan disbursement processes without involving banks. Our VSLA-based solution assisted end users to improve their livelihoods and fostering local economic development. The client was happy and planned to increase the expansion of this solution for other African countries.
