Sierra Leone: bank credit history will be recorded on a Blockchain

Crypto News

The Sierra Leonean government and Kiva, the non-profit organization based in San Francisco, are working together to launch a Blockchain platform to maintain the credit history of the local population.

Open access to credit information

Julius Maada Bio, President of Sierra Leone, announced at the 73rd session of the UN General Assembly that the mission of the two entities would finally be over.

The new platform will allow potential creditors to view the history of bank loans contracted by Sierra Leonean citizens.

For its part, the government will have to provide the necessary biometric data to access this information, such as fingerprints.

Debtors will now have a digital portfolio for their loans and their transactions will be recorded on a Blockchain and served by an application.

In order to ensure the accessibility of Internet users, project partners intend to provide Wi-Fi access points under mobile.

All credit institutions on a platform

This initiative coincides with the goal of the NGO Kiva, which is to promote financial inclusion. According to the country’s central bank, more than three quarters of the Sierra Leonean population is unbanked.

Usually, they resort to informal institutions such as community banks. It is for this reason that Bio has urged all banks and microfinance institutions in the country to integrate the Blockchain system by the end of the year.

David Sengeh, head of the country’s Science Branch, reportedly said:

“The lack of identification or the inability to verify this identification for credit purposes increases the cost of doing business for everyone.”

What do you think of the launch of this Blockchain platform for credit history? Comment in the comment section below.

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