Banking and financial services have been at the forefront of progress and development. However, despite efforts to provide mainstream financial services to communities in developing economies, the recent Finex report provided disappointing numbers. Since most of the more than 2 billion people are in developing countries and cannot access any form of financial or banking services, it is still a challenge to financially enhance the capacity of rural and urban-rural communities in developing economies. This severe lack of financial services It hinders growth and weakens effective production.
Although Bangladesh’s microfinance models, such as Gramin Bank (founded by Nobel Prize winner Mohammad Yunus), play an important role in providing such services, there is still a long way to go. Combining blockchain technology with its innovative micro-financing model, the Singapore blockchain project NEL is developing a unique mechanism to provide these communities with better interest rates for borrowers and by safeguarding the interests of borrowers. Security and better financial services, thereby enhancing the power of these communities. There are no regulated or high-quality financial institutions in the community, allowing unauthorized usurers to exploit those who need loans through high outrageous interest rates. NEL identified the issues facing these communities, including issues that limit the scope and impact of financial institutions in these communities.
In response to these problems, the NEL plan promises to provide borrowers with relatively good interest rates and provide lenders with exclusive benefits. By creating a powerful, intuitive and interactive ecosystem, using blockchain technology, it ensures the elimination of unnecessary costs in ledger maintenance, account maintenance, transaction processing and loss of third-party intermediaries.
NEL CEO Evan Davis said: "NEL will become the first microfinance institution specifically geared towards developing economies. We will provide practical solutions to the productivity losses suffered by microfinance organizations. All NEL users will It can provide loans to developing communities without risk while earning interest."
To develop an emerging and expanding market, microfinance has become an effective solution, which has stimulated the development of many microfinance and financial institutions in the past 20 years. In 2016, it is estimated that 132 million people received the services of various microfinance institutions. According to the plan, the cumulative financial credit of these institutions exceeds 100 billion U.S. dollars. As the number of borrowers increased by 9.6%, the credit portfolio increased by 9.4%, which is a powerful and positive indicator of the growth and potential of the microfinance market. Southeast Asia is the main center of microfinance institutions. India and Bangladesh have the highest borrowing rates, with a growth rate of 23%.
This is just the tip of the iceberg. Despite unprecedented growth, MFIs can only reach only 20% of poor and underdeveloped communities in developing economies. In addition, only 63% of people in developing countries have access to basic accounts such as bank accounts, so the World Bank, through its Global Financial Access Initiative 2020, promises to enable 1 billion people to have access to a trading account.
NEL: To provide a secure and transparent microfinance solution based on blockchain to bridge the gap, NEL is creating a platform to bring lenders and borrowers together. Using blockchain technology, it makes fairly complex processes simpler, safer and more transparent. With blockchain, NEL platforms will greatly reduce the operating costs involved, so that they can operate at the prescribed loan processing fees. It also claims to stand out from the competition by providing fast and seamless payment processing, lower transaction fees, and most importantly, using NEM blockchain features to provide a high level of security.
On the basis of NEM blockchain technology, the NEL platform will be powered by a unique NEL token. The platform has multiple functions, such as allowing members to obtain benefits in the distribution of smart contracts, interest payments by borrowers, and profit from loans. privilege. The NEL token was initially valued at 1NEM and will be developed into a dedicated token that can be exchanged and traded on the public market. The platform will also have a unique NEL U.S. dollar token, which will be linked to fiat currency, and 1 NEL U.S. dollar is worth 1 U.S. dollar. NEL U.S. dollars will protect borrowers from market fluctuations because contracts and loans will be made in NEL U.S. dollars.
These two tokens complement each other on the platform and provide a comprehensive solution for borrowers and lenders, providing flexibility and long-term scalability. In addition, all members can use a dedicated highly secure NEL token wallet, which can be accessed from desktop and mobile devices, so that users can more easily initiate and track transactions and access all functions on the platform.
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