Lending platform for africans
Problem
Cash flow to conduct business is a big issue for less wealthy people in africa. Loans are difficult to get and with high interest rates
Solution
My solution is an Automated market maker that allows lending and borrowing. With a stablecoin pegged to the local cyrrency.
Total to date
This is the total amount allocated to Lending platform for africans.
$24,000
Total funds requested
202
Total votes cast
₳28.7M
Votes yes
₳33M
Votes no
About this idea
For this project to work, we need three component:
- A stablecoin pegged to the local currency : in west africa we have the Franc Cfa as currency. People will adopt this much isier than a usd pegged stablecoin
- An automated market marker that allows people to provide liquidity and borrow money. Liquidy providers can earn money with the fees generated on the plateform. Borrowers should provide colaterals.
- The third component will be a system that prevent overcolateralisation. (Allow peaple to provide real life asset like land or house as collateral may be a solution)
My goal here is to allow the fisherman to be able to buy more equipements easily, or the young entrepreneur to find the funds he needs to launch his startup, or the lady to get a quick loan to open her small restaurant.
Budget:
developement: 50 usd/ hour * 8 hours / day * 20 days / month * 3
Team
Entrepreneur, Digital marketing, Seo specialist
