Data Accessibility for

Financial Services

1 Africans majorly transact through mobile money operators, leading them to have massive user-data
2 But majority being unbanked, the lack of credit history with banks lead to inaccessibility of loans
3 Wakandi network on DLT, connects banks and mobile operators to enable data sharing
Smart Contracts make this automatic
4 This enables banks to conduct credit checks and easily process loan applications

In Africa, a large part of the population remains unbanked or underbanked, and a great focus throughout the entire continent is how to deliver products and services that support financial inclusion. One of the key challenges here is that every single operator, whether it is a bank or a mobile money operator, has a lot of transactional data on their users however, all this data is stored in silos.

For example, if a person who is using M-Pesa, submits a loan application to a bank. The bank has no financial history of that user to conduct a credit check. No credit check translates to no loan, as well as no access to financial services.

How data accessibility can no longer be an issue with Wakandi?

The Wakandi Network offers a possible way to share all the transactional data generated by banks as well as mobile money operators.

On the Wakandi network, banks, mobile money operators and financial institutions are going to be connected. Therefore, it will be possible to share the data, so far stored in silos. When the data is shared, banks or financial services providers can easily conduct credit checks . This will lead to unbanked or underbanked people in Africa getting access to loans and other banking services.

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