Cadano to launch Defi loan service in Africa by 2022 

Charles Hoskinson, founder of IOHK, the foundation behind Cardano has stated that he will “build a financial operating system” in Q2 2022 that will give Africans access to DeFi services such as loans.

He disclosed this while Speaking on Cardano’s plan for the year 2022 and achievements of the past via a live Christmas broadcast on Youtube.

Hoskinson reflected on the growth of Cardano and the entire crypto industry. He mentioned the non-fungible token (NFT) revolution, the Decentralized Finance (DeFi) boom, and how hackers are targeting DeFi projects, leading to a loss of over $10.5 billion in 2021 alone.

He stated that two million assets have been issued on Cardano, most of it being NFTs. He added that more than 127 projects are currently writing code to build decentralized applications (dApps) on the network, with about 20 to 30 in the pipeline to launch within the next three months.

What is happening 

He stated that Cardano’s goal has always included Africa, and the project plans to increase its influence in the continent next year.

Due to the fact that many African countries still lack financial inclusion, Hoskinson announced that the Cardano Foundation plans to “build a financial operating system” in Q2 2022 that will provide Africans with DeFi services.

He said, “My goal for the second half of 2022 is to figure out how to put all the pieces together to get an end-to-end microfinance transaction on Cardano.

“So that a real person in Kenya or somewhere with a blockchain-based identity and credit score, stablecoin on the other side, Cardano is the settlement rail. Peer-to-peer, person-to-person, click a button, loan goes to them. They pay it back, (and it) goes to the other side.”

With emphasis on Africa, the Cardano Foundation is working to modernize and bring balance and equality to the world.

Cardano signed a partnership agreement with Tanzania earlier this year to provide residents with social, digital identity, and financial empowerment.

IOHK joined with the European Business University of Luxemburg in August to expand educational opportunities for students in African countries.

Cardano’s founder reiterated the project’s long-term ambition, noting that the project now has all of the required technology and resources to achieve those goals.