https://cdn-images-1.medium.com/max/800/1*cEJUeqqVBc3Q9HOxJ4LM9A.jpegMicroMoney Int. to open office in Nigeria
MicroMoney, the market first blockchain credit bureau and a social lending services provider, is setting up an office in Nigeria. In under a month, the company will open doors in Lagos to provide new financial opportunities to the unbanked and underbanked population in the region.
The decision to move into the Nigerian market is a strategic one for the transparent company, as Nigeria boasts the largest economy in Africa. It is ranked as the 21st-largest economy in the world in terms of nominal GDP and is the 20th-largest in terms of purchasing power parity.
‘In Nigeria, MicroMoney will help those who are in need of financial aid,” said Amaka Anowi, MicroMoney’s Managing Director in Nigeria. Ms. Anowi has been one of the key players in setting up the Nigerian office for the blockchain market leader.
In October, MicroMoney signed an agreement with Mr. China Muoka, a new partner in Nigeria. Mr. Muoka is currently serviing as the director of MicroMoney Nigeria and the president of Afrofinancial.
Recently, Nigeria launched the Nigerian Economic Recovery and Growth Plan 2017–2020 with the goal of rejuvenating its economy through diversification. The change is not easy to implement as the Nigerian banks have issued a large number of poorly, or non-performing loans, and the government tries to intervene to improve the credit situation in the private sector. However, the traditional banks still don’t have an answer how to resolve its issues.
The solution may come from microfinancing, as MircoMoney can help issue loans to small business owners or young entrepreneurs with no credit history. MicroMoney International has successfully set up partnerships with financial organizations in many countries of South East Asia and is soon expanding to Hong Kong, Vietnam, China, and Malaysia.
About MicroMoney
MicroMoney makes lending decisions using a proprietary, A.I. algorithms and neural networks-based mobile scoring system. MicroMoney’s lending process doesn’t require any collateral or paper-based documentation. MicroMoney collects customers’ opt-in mobile phone data to establish potential borrowers’ credit score. MicroMoney uses the score to generate credit profiles, stored with MicroMoney Blockchain Credit Bureau, which in turn shares this data with financial institutions worldwide. For more information or to register your exchange please visit:
https://micromoney.io/
