Cardano to Introduce a DeFi Loan Service in Africa

Cheering Cardano’s successes throughout the year 2021, the company’s CEO briefs about some interesting future plans.

Charles Hoskinson, founder and CEO of one of the world‘s most efficient blockchains, Cardano, has recently posted a video on his YouTube channel. While the video discussed many topics, including the firm’s success in 2021, the main highlight of it was Hoskinson’s plans for Cardano in Africa.

Cardano has been focusing on Africa for quite some time now, and it is one of the firm’s strongholds around the globe. Now, as Hoskinson stated, Cardano is going to launch a DeFi loan service in the continent that will provide deprived residents access to some of the world’s most advanced financial tools.

While Hoskinson reaffirmed Cardano’s expansion in Africa he stated that by the mid of 2022 it needed to be sorted out “how to get all the pieces together to get an end-to-end microfinance transaction on Cardano.”

The CEO further asserted that they have completely circumvented Africa’s tremendously predatory banking system that often enables some of the worst people to stay in power.

The Corrupted banking system spurs a thousand conversations like what should be deemed as good identity? What is a good credit score? What new products and scores could be introduced in the market? And how to spread them across the continent? By 2022 sufficient infrastructure would be in place to make all of it happen, Hoskinson added.

It is to be noted that the firm is already in contract with many of the African Countries’ state institutions. For instance Ethiopia’s ministry of education partnered with Cardano to provide blockchain digital identity to the country’s five million students and teachers.

Firm announced, in Sep, that they will invest $6 million in “recognition of the unique opportunities for innovation in Africa”.