Provide Identity and Cross-border Money Transfer to Underserved Communities
About
Applicant name: Kora Technologies Limited
Innovation Name: Kora Pay
Innovation Type: Solution
Website: https://kora.network
Mission: To provide identity and cross border money transfer to underserved communities.
Innovation Description: The Kora Network is addressing the problem experienced by 4+ billion people worldwide who are excluded or underserved by the current financial system. We are doing this by building an infrastructure that will help build and support inclusive community owned financial systems. Kora Network provides the tools needed to build a self-sustaining, community-owned ecosystem for circulating and accumulating capital within a community in an affordable, secure, and more convenient way. This includes the ability to validate identity, and to use that identity to store, transfer, or lend money, to make payments, and to provide or access value-added services like lending, marketplaces, benefit distribution and digital education, even without internet access or a smartphone through channels like USSD.
Status of Innovation: Pilot
Innovation Active Since: 04/29/2018
Applicant Type: Private Company
Headquarter City: Hong Kong
Headquarter Country: Hong Kong
Year Founded: 2017
Main Category
Main Category Choice: Remittances For Social Impact
Why do you think you should win this category?:
Financial exclusion exists largely because of the cost to open, operate, and serve in areas of low socioeconomic development and in rural areas with poor infrastructure. Those few financial services that do operate in these regions can therefore charge high fees due to low competition and to cover their costs. The advent of blockchain technology has allowed us to greatly reduce costs by essentially providing Uber for money transfer operators, where any licensed provider can access bank-grade infrastructure with a click of a button and at minimal cost. This allows us to open up underserved corridors at much lower cost. Our team includes a 6.5 year veteran of the money transfer industry.
We are building our own blockchain, which we believe can drastically reduce cost. Furthermore, we don’t require internet or a smartphone to access our network.
Secondary Category
Secondary Category Choice: Technology Innovation
Why do you think you should win this category?
Financial exclusion exists largely because of the cost to operate in areas of low socioeconomic development and in rural areas with poor infrastructure. Those few financial services that do operate in these regions can therefore charge high fees due to low competition and to cover their costs. The advent of blockchain technology has allowed us to greatly reduce costs by essentially providing Uber for banks, where any licensed provider can access bank-grade infrastructure with a click of a button and at minimal cost. The Kora Network is providing a solution targeted at the 2+ billion that are underserved by current financial services. Services including money transfer, payments, lending, and loaning will be available via our infrastructure and accessible without the need for internet. Our first beta will target Nigerian farmers who have historically faced issues with money transfers, payments from buyers, and risks associated with carrying cash. Our team includes a veteran at a Nigerian NGO who has extensively studied this problem.
Team Members
Full Name: Dickson Nsofor
Role: CEO & Co-founder
Linkedin: https://www.linkedin.com/in/dickson-nsofor-90039449
Full Name: Maomao Hu
Role: COO & Co-founder
Link: https://www.linkedin.com/in/maomaohu
Full Name: Roshan Polepalli
Role: Product owner at Kora Pay
Link: https://www.linkedin.com/in/rpole/
Full Name: Gideon O’tega
Role: Head of Deployment
Supporting Links
Vision Paper: https://kora.network/downloads/Kora_Vision_Paper_International.pdf
Introductory Kora video: https://www.youtube.com/watch?v=V9V79mNzQHg
HedgeThink article: https://www.hedgethink.com/blockchain-based-kora-goes-one-step-closer-financial-inclusion-africa/
Coin Telegraph: https://cointelegraph.com/news/financial-inclusion-and-efficient-remittance-system-can-save-africa-from-mediocrity
Entry Representative
Full Name: Dickson Nsofor
Role: CEO & Co-founder
