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This is how Cardano (ADA) supports microfinance in Africa!

This is how Cardano (ADA) supports microfinance in Africa!

In Africa, one of the biggest challenges for the entrepreneurial sector is access to finance. In most countries on the continent, the banks receive very little money for small and medium-sized enterprises. They have barely survived in recent years thanks to the development of microfinance. The sector has become one of the most important drivers of financial inclusion and still has a bright future, according to experts. In fact, according to Investisseurs et Partenaires (I&P), small businesses face a funding gap of $330 billion. However, they represent 90% of the companies that operate on site. In Kenya, Pezesha, which is one of the most dynamic players on the market, has been preparing a plan for the past few months to increase its financial position, in order to “have more influence. And he was able to benefit from the support of Cardano.

“Improving microfinance around the world”

Charles Hoskinson, the founder of Input Output Hong Kong (IOHK), which develops Cardano (ADA), announced on his Twitter account that the company has pledged to support the Kenyan microfinance structure Pezesha. Together, they have just participated in a funding round that enabled the Kenyan company to raise 11 million dollars.

According to press data, Talanton and Verdant Capital Specialists Fund invested $5 million. The remaining $6 million comes from IOHK and several investment funds.

This coverage will allow Pezesha to revolutionize the sector, by expanding its activities in other countries such as Nigeria, Rwanda and in the African speaking regions of France. Pezesha, which offers loans to local businesses, has created its own scalable infrastructure for digital lending.

said Charles Hoskinson to himself “Excited to support this company’s mission to improve the world of microfinance”. He added that helping Pezesha was an important step for Cardano (ADA).

Hilda Moraa, the founder of Pezesha, said that the structure offers small loans to more than 100,000 businesses today. Thanks to this round of funding, Pezesha will be able to borrow up to 10,000 dollars at a moderate interest rate, repayable in one year. Moraa also plans to start collaborating with new local and international financial companies, high-net-worth individuals and DeFi platforms to offer $100 million in loans on an annual basis going forward.

You should know that Pezesha and Cardano have already partnered to develop a decentralized financial operating system in Africa.

The ambition shown by cryptos is to promote financial inclusion around the world. It is in this spirit that Cardano has participated in fundraising that will ultimately support economic growth in developing countries, job creation and give the people the maximum power to control their money.

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Download avatar Luc Jose Adjinacou
Luc Jose Adjinacou

Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only increased my enthusiasm. So I decided to study and understand the blockchain and its many uses and pass my pen knowledge related to this ecosystem.

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