Cardano Network is Planning to Launch DeFi Loan Service in Africa

The Cardano network founder, Charles Hoskinson, recently claimed that he wants to make financial inclusion for the people of Africa more accessible. On his YouTube platform, he recently added that as part of its DeFi extension in the continent, the company plans to create a new financial operating system.

On a recent video log added on Christmas, Hoskinson shared a detailed roadmap for the Cardano network for the upcoming year. He also claimed that with these blockchain services, the people would be able to find an alternative to the current banking system of Africa, which is corrupted and inefficient.

According to the latest details shared by Cardano founder and IOG CEO Charles Hoskinson, the platform will be working on making financial services more accessible for every person in the region. He claimed that the new borrowing option would allow every citizen of Kenya to create a valid and verified blockchain ID account number, and record their credit scores.

He also added that with the new use of the Cardano network in the continent, the current interest rates could be lowered. As part of the finalization of the blockchain vision, Hoskinson claimed that end-to-end encrypted microfinance transactions would become available to community users. With the stablecoin project, Cardano is also working on peer-to-peer lending possible.

According to the latest video log of the Cardano network, the main focus of the blockchain network is to shorten the financial gap between developed and developing countries. He also commented on the latest increase in the NFT craze and DeFi sector growth that started to catch more attention from the market proponents.

Cardano signed a deal with the government of Ethiopia this year and registered 5 million students and educators in the blockchain digital ID program. Hoskinson pointed out that the blockchain network plans to invest $6 million into Africa for creating new opportunities and making room for blockchain innovations. Cardano is also working with the Tanzanian government for digital currency integration in different sectors.

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