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Sierra LeonE News: Salone introduces futuristic hi-tech credit bureau

President Julius Maada Bio, on Thursday 27 September 2018, announced at the 73rd Session of the United Nations General Assembly (UNGA) a partnership that brings together leading technology non-profit Kiva, the U.N. Capital Development Fund (UNCDF) and the United Nations Development Programme (UNDP) for the “radical transformation” of the country’s financial inclusion landscape and the entire ecosystem. With this, the Distributed Ledger Technology (DLT) at its centre dubbed ‘Kiva Protocol,’ will create a secure, national digital identification system for citizens. The new system will tackle two major barriers that many Sierra Leoneans face when trying to access funds or loans: 1) the lack of formal identification and 2) a verifiable credit history. “Currently, unbanked people cannot leverage financial transactions from the ‘informal economy,’ such as credit with a local shopkeeper, to build their credit history. The Kiva Protocol will capture a wide range of financial transactions … to help people access the financial services they need, including loans for businesses, education or basic medical services,” according to a press release. The “blockchain system” will support Sierra Leoneans to retain “secure and complete ownership of their personal data and information,” as the new age technology has tremendous benefits ranging from a distributed alternative to storing individuals’ identity data in proprietary, centralized database system. In the press release, the Deputy Executive Secretary of UNCDF, Xavier Michon said, “The new system could serve as a model for both developing and developed nations in the future and will represent one of the most advanced and secure credit bureaus in existence.” https://cointelegraph.com/news/un-sierra-leone-launch-blockchain-based-credit-bureau-of-the-future.

OG/29/9/18

By Ophaniel Gooding

Monday October 01, 2018.

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