PCCL global ecosystem: a method to alleviate the lives of the 1.3 billion poor people &the 2.4 billion unbanked people? — Part 3
By Indrachapa S
The PCCL ecosystem’s services includes remittance, insurance, and the E-commerce trading platform, savings and bill payments.
Remittance is not of much use to the 1.3 billion poor people & the 2.4 billion unbanked people. Therefore, PCCL targets immigrants through remittance. However, it is proven that a large part of the world poor population end up as immigrants in order to financially support their families and create a better future to themselves. Worldwide, remittance is largely associated with immigrants as it is the prime method through which they send their hard-earned money home. A considerable percentage of the Asian population is reported to make up the immigrant population in various parts of the world. According to the migration and remittance fact book 2016 (third edition), more than 247 million people or 3.4 % of the world population live outside their countries of birth. Although the number of international migrants rose from 175 million in 2000 to more than 247 million in 2013 and will surpass 251 million in 2015 , the share of immigrants has remained just above 3% ( of the world population) for the last fifteen years. But the problem is, remittance is associated with high costs leaving to the subtraction of a large part of the cash which flows home to the families. According to the migration and remittance fact book 2016 (third edition), the cost of remittances is the highest in sub-Saharan Africa and in the pacific island countries. For example it cost more than 20 percent to send $20 from Australia to vanuatu and 19% from south Africa to Zambia. As of the third quarter of 2015, the average costs worldwide remained close to 8 percent for above the 3% target set in the sustainable developments goals. The remittance facility provided by the PCCL ecosystem involves cheaper costs which is ideal for immigrants to send money back home. It is also highly efficient with no fraud and transparent fees.
Unlike what the name ‘insurance’ stands for, the insurance service provided by the PCCL ecosystem is for loans. The insurances are ‘loan protection insurances’. A loan protection insurance is a form of insurance intended to protect customers from falling into debt and thereafter poverty by protecting the loan. For example: If a borrower is unable to pay back a loan by time, they can apply for a PCCL insurance where the loan payment will be covered behalf of them. Afterwards, the borrower is obligated to pay back the insurance amount, but in instalments. Payment at once is also possible. PCCL do own a variety of other insurances as well: life insurances, pension schemes, etc. Applying for insurances offered by the PCCL ecosystem through the PCCL app is quite efficient because it’s less time consuming and simple (procedure wise). There will no longer be a need to visit and re-visit insurance companies for services. With smart contract based digital policies and less time wasted, app centred insurance applications are the most suited to today’s modern busy society.
The other services are nonetheless than the savings facility, the bill payment facility and the E-commerce trading platform.
The remaining service facilities will be discussed in tomorrow’s article!
Stay polished up to the revelation of the services sector of the PCCL ecosystem!
