Most banks in some developing countries of the world today are faced with series of problem in terms of the service they render to their customers due to one of two challenges and this most times results to billions of people who are unbanked and have low or no access to the service rendered by he banks. Most times, the banks are not to be blamed because they are placed on heavy dues such as tax and the likes.
Existing banking infrastructure is expensive and consequently , Banking system made their service unavailable to those rural or non-developed areas. The problems of access to credits can grouped or deduced to three main factors:
The high cost of banking infrastructure
Information Asymmetry which is all about the imbalance of opportunity needed to access information for credit purpose.
High cost of Capital : in some developing countries, the cost of capital lending is very very high.
High cost of Conglomerates : One of the major reasons why billions of people and individuals have low or no access to financial services because some local banks cannot find an effective means of serving their population.
Swapy Network
"Swapy Network combines a decentralized protocol with a suite of three integrated applications. Swapy Exchange connects international investors from countries where the interest rates are lower to credit companies in countries where the interest rates are much higher. Swapy Financial ID empower individuals, giving them the right to a worldwide financial identity. Swapy DataMarket transforms user's financial data into value for the data owners. Now, individuals will hold their own data and choose how much tokens they receive in exchange for it when they want to share, and for whom."
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The Solution By Swapy Network
By encouraging lower cost capital and better information which can reduce entrance barriers for new companies
It will enable credit companies to make better while lending and also offer lower rate to good clients by providing a better data.
A common share and updated data network will be used so as to eliminate information asymmetry between participants .
It will ensure lower cost of capital by facilitating offers of credit.
About Token
The SWAPY token can be used as collateral for loans, reducing the interest rates.
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Swapy Token Convergence
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Swapy Exchange
This is a market based solution for more efficient money market, it connects international investors to local credit companies and optimizing returns to the investors and lowers the rate to the credit companies and also will allow both parties to transact without intermediaries.
Swapy Financial I.D
This is aimed to be a digital financial identity valid in any country with the purpose of eliminating information asymmetry and also improving the data privacy.
Swapy Data Market
This is a marketplace that will be able to eliminate the information asymmetry and make all information available to all.
To know more about Swapy Network, visit :
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I am Folajuwon on Bountyhive Bountyhive.io