MicroMoney’s mission

MicroMoney is the world’s first company that empowers unbanked and underbanked people to use their online social networks to prove trustworthiness and access financial services.
MicroMoney’s mission is to give a chance to 2.5 billion of underbanked to become a part of banking economy, to start small businesses, and to get medical care and education. What does that mean? We allow our clients to leverage the social networks like Facebook, Twitter to build their credit worthiness and to access local financial services.
Now the idea they can to use social networks to secure credit may seem new but it actually goes back centuries. Back in the old days if you need a credit at the neighborhood’s store the shopkeeper knew you, knew if you could be trusted to pay back your debts. If you need a credit from the bank, the local banker knew if you were a person who could and would pay back your credit. If they didn’t know you they would still assess your reputation — maybe go to your local church or temple to make sure you were a person who could be trusted. Even the most famous banker in history, JP Morgan said about the importance to assess trustworthiness: “The first thing is a character. Before money or property or anything else. A man I do not trust could not get money from me.”
Now as we are starting to move into larger communities, it made it difficult to know your neighbors and therefore, to assess creditworthiness as we had been doing for centuries. Now there is a new system: in order to get a credit you first need to have a credit history, so if you have no money it is very difficult to get money. Even if you have people who would vouch for you and you have every intention and the capacity to pay back a loan. Little by little, the credit possibilities are shrinking for people with lower income or with no credit history.
What is this all have to do with MicroMoney? We are taking into account these old-fashioned techniques of lending based on social networks. MicroMoney’s platform is taking us back to the world where your reputation and standing in your community is what you need to go along to pay out for school, to help you and your family in case of emergency. There are millions of honest, hard-working people around the world on social networks. People like you who need access to credits to improve their lives. MicroMoney built to help them and to help you. MicroMoney for people & Big Data for businesses.
