The First International Peer-to-Peer lending via KARMA

The main problem in creating a platform for lending, which can be solved via the blockchain, is that investor needs to be sure that the one who takes his money will return them on time. Imagine that people and communities can distribute resources among themselves, without involving slow centralized structures. People from countries with cheap money can give money to other people in countries with expensive money. The first people instead of 0% will receive 15%, others instead of 25% will pay 15%. Everyone is happy.

The low standard of living in Africa does not give an opportunity for scalability to businessmen who need investments. Anyone who has a cow for $ 200 can already be considered a wealthy person. But for majority of people it is a large amount of money and they can’t afford to start a business.

Philip Agyei Asare played a key role in the development of Bitcoin awareness in Africa. He created several blockchain projects: Pak Universal Services, Dream Bitcoin Foundation and BTC Ghana. Philip is a libertarian, he wants to empower Ghana and Africa in general, by spreading the usage of the blockchain technology. But he has no money for a special merchant account to do his money remittance services cheaper for customers.

BTC Ghana is a platform that provides an opportunities to send money via Bitcoin to mobile money. Mobile money is the most popular payment way in Africa. The service allows users to deposit money into an account stored on their cell phones, to send balances using PIN-secured SMS text messages to other users, including sellers of goods and services, and to redeem deposits for regular money. Users are charged a small fee for sending and withdrawing money using this service.

Watch this video to see how KARMA helped Phillip to raise his business up: