Our company, MicroMoney, a global fintech blockchain company and lending services provider, supports the principles of the United Nations Sustainable Development Goals (SDGs) global program, set up in 2015 by 193 world nations. It’s not usual for an average lending service but MicroMoney, I’m sure, not the average and the unusual business. We are the first ever blockchain credit bureau following the rules of the transparent social and green microfinance businesses and aiming to fight with financial exclusion in emerging markets.
To implement the SDGs program’s global objectives the company will work to provide a multi-purpose digital identity and opportunities to build creditworthiness and reputation for 2 billion unbanked people, without borders or intermediaries.
The MicroMoney’s business activity rests upon the ‘Remaking of our world: 2030 Agenda for Sustainable Development’ document, which contains descriptions of 17 global goals and 169 related issues.
What is the main issue? More than 2 billion people worldwide are recognized to be unbanked. That means they forced to use only cash in their daily life and have no chance to solve their urgent problems by applying for banking services. Borrowing from friends and family is the most common source of credit because their loan applications are hardly be approved by banks. The reason is always the same: they have no credit histories.
As MicroMoney admits financial services availability as the part of human rights its aim is to provide banks with the tools that allow them to give an access to high-quality, fast and affordable services for the world’s financially excluded.
MicroMoney, the United Nations, and other NGOs and government organizations alike are directing resources towards resolving global financial inclusion, leading the way towards eliminating poverty with mobile and internet availability, along with financial inclusion. These technologies will give an access to lending and other financial services even for those who don’t have any credit history, which means the access to basic necessities.
Artificial Intelligent, neural networks, mobile scoring, blockchain to keep all the data securely and Big Data technologies will help the unbanked people to receive this access and will make their data available upon customers’ agreement for financial businesses to organize processes cheaper and more efficient.
In order to bridge the divide, MicroMoney is striving to provide the access to social loans for unbanked people on emerging markets and the access to the unbanked audience for banks, trade, insurance and financial organizations so they can offer affordable and easy-to-use services around the world.
As people worldwide are lacking the access to basic financial services, they have restricted opportunities to overcome poverty and to improve their lives. That means they do not have an access not only to banking services like loans, mortgages or bank accounts themselves but the access to all the other services and opportunities. However, such different industries as banking and mobile can help each other.
For example, MicroMoney provides premium micro-financing services for underbanked and unbanked customers on emerging markets without any collateral requirements. The company uses an innovative Big Data approach with its own scoring platform based on neural networks which allow us to establish easy procedures with the shortest processing time for the loan application approval. People don’t need to have a credit history to apply for financial services anymore. The company uses any data collected from a customer’s mobile phone to assess the potential borrower’s score rate.
Financial inclusion is a huge part of the equation when attempting to resolve the issues which result in poverty and lower standards of living. MicroMoney is working to improve the financial systems to establish a sustainable and equal world in which individuals can afford to support their families and beyond.
