Nigerians are among the first to take advantage of decentralized loans backed by small stake personal cryptocurrency
Global climate change continues to challenge global productivity and has already negatively impacted the overall ability to sustain minimum production of durable goods in Nigeria, as well as the overall food security of a large portion of the population. Today, 100 million people in Africa face multiple crises, emergencies and catastrophic levels of food insecurity – with an increase of more than 60% between 2019 and 2020. As a result, social betterment has become a goal key to environmental, social and corporate governance. (ESG) impact investing and global interest within the framework of the United Nations Sustainable Development Goals (UNDP).
As concerns about climate change become more widespread, it becomes even more vital to help bridge the gap between a positive global economy and less vibrant community betterment initiatives. As Millennials become a bigger force in the Nigerian economy, tapping into the cryptocurrency market where many of these people are already involved can be key to unlocking a new generation of economic opportunities and supporting businesses. African communities with an estimated market of over $2 trillion.
MELD, an open-source, noncustodial liquidity protocol for crypto and fiat currency lending and borrowing, is on a mission to level the playing field between the “haves” and the “have-nots” and create opportunities for the bottom 97%. of the world’s population, helping these people take control of their financial lives. To help further this mission, MELD has partnered with African company Agri-FinTech Tingo to create low-interest microloans, which will provide highly efficient decentralized finance (DeFi) lending and borrowing solutions to customers from all over the region.
Tingo Mobile connects Africa by democratizing access to mobile, technological and financial services. Tingo Mobile supports the Nigerian agricultural sector through technology.
In Nigeria, their digital platform provides market access for farmers and cooperatives to sell their produce wholesale or retail by getting the best possible market price. They are currently processing over 500,000 transactions per day worth $8 million and an average of $16 per transaction.
These transactions relate to the sale of products (cereals, maize, yams, beans, cassava, etc.), settlement, brokerage, escrow and the organization of storage and logistics. Transactions are conducted in complete anonymity and all payments are sent and received from Tingo Mobile wallets, allowing full transaction monitoring.
The addition of the MELD platform will only improve the abilities of undocumented citizens in rural areas to obtain loans to enable even more productivity of their crops, fields and sales efforts.
The new partnership between MELD and Tingo is a big step towards both companies’ goals, as Tingo operates with nearly 10 million active subscribers. As a result, the combination of MELD and Tingo services in Nigeria (and possibly elsewhere on the continent) will be a mutually beneficial partnership providing more economic and financial flexibility to a new market while attracting new users to the Tingo platform.
Chris Cleverly, President of Tingo, said: “This new partnership is significant as Africa’s largest agrofintech is focused on providing services to the farming community and working to ensure food security across the continent, which we are working on. with technologies such as MELD and Cardano seeking to change the current paradigm in favor of banking for all and inclusive finance.
“DeFi, Stable Tokens and NFT will emancipate Africa as an economic powerhouse – we will work with regulators to ensure this is done safely, but clearly change is inevitable, and Nigeria is leading that change. “
A Mutually Beneficial Partnership
Tingo and MELD have since started working together to explore DeFi solutions that would complement Nigeria’s existing digital currency, eNaira. Therefore, the partnership would respond to the UN SDGs and provide greater opportunities for all in the region.
Both Tingo and MELD believe that a highly efficient DeFi protocol such as MELD will bring significant value to Tingo’s customers, even though many of these transactions are below $100.
To achieve this, the MELD app, MELDapp, will be personalized for Tingo customers on more than 9 million phones in the world’s second largest crypto market.
The companies are currently working with a mobile OEM to pre-load the co-branded app on all devices operating within the Tingo ecosystem. In addition, this partnership will also focus on the integration of loan products. Tingo allows MELD to offer DeFi services applicable to the country of distribution. MELD will provide lending and borrowing services that include the company’s self-paying and 1% negative interest loans to all platform users, a venture made possible by the capital efficiency of the Cardano blockchain (ADA).
Connect the disconnected
MELD’s partnership with Tingo is just one of the collaborations that will help the company achieve its laudatory goal of giving disenfranchised people economic freedom. MELD also recently began working with World Mobile to create financial instruments designed to help people access the Internet in places where it was not possible before. As a result, MELD continues to see Africa as a key market, with multiple partnerships and complementing Cardano’s focus on Africa.
The company also recently partnered with CUDOS, a decentralized cloud computing network. The primary goal of this partnership is to support each other’s protocols and provide comprehensive financial service to their clients.
With a MELDapp wallet integrated with the Cudos crypto mining infrastructure, companies aim to simplify and speed up crypto mining. By entering into strategic partnerships such as Tingo, World Mobile and CUDOS, MELD supports values that include safety, community and empowerment.
Over the next few months, MELD’s mission will become even more evident as they launch their protocol, both MELDapp and token.
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