According to the World Bank’s Global Findex report, nearly 2 billion adults and 160 million small businesses from all over the world do not have bank accounts. Efforts to approach them to traditional financial institutions have not been enough, limiting their economic growth potential. Only 14% of adults living in the Middle East hold a bank account, opposed to the 94% of citizens from first world western countries that do. Developing regions with underserved communities such as India and sub-Saharan Africa comprise, when combined, nearly 32% of the world’s unbanked and underbanked population. These statistics portray an irrefutable reality: a
According to the World Bank’s Global Findex report, nearly 2 billion adults and 160 million small businesses from all over the world do not have bank accounts. Efforts to approach them to traditional financial institutions have not been enough, limiting their economic growth potential.
Only 14% of adults living in the Middle East hold a bank account, opposed to the 94% of citizens from first world western countries that do. Developing regions with underserved communities such as India and sub-Saharan Africa comprise, when combined, nearly 32% of the world’s unbanked and underbanked population.
These statistics portray an irrefutable reality: a financial gap that dramatically impacts the lives of millions of individuals and businesses for whom banking benefits, such as loans, are not at reach.
As a response to this issue, Nassim Benzekri and his team developed CHECQIT, an Ethereum-based, decentralized, peer-to-peer lending platform that allows users to grow their collaterals against a fast-guaranteed loan.
“A borrower will have a fast access to his loan which will be issued only in CQT tokens. This loan will be backed by his own cryptocurrency deposit on the CHECQIT Wallet that is linked to the platform as a collateral in case of a non-payment of this same loan to its owner.”, states Nassim Benzekri, CEO at CHECQIT. “It should be possible that a borrower in India can obtain a loan in Canada, Japan, or Germany and vice-versa”, adds Benzekri.
This addresses the issue of unbanked and underbanked communities, but it also represents an alternative for people in countries with strong economies and ubiquitous bank presence, who simply do not trust traditional banking entities as they used to before the 2008 crisis.
Democratized finance and ease of access
CHECQIT’s mission is to connect users -or lenders- and borrowers via the CHECQIT lending platform. This platform will allow users to lend CQT tokens to borrowers, while getting rewarded with interest rates beginning at 3.9% per annum. Also, the CHECQIT platform will allow its users to hold CQT tokens to collect daily returns on the CHECQIT Wallet or CHECQIT Card, both of them integrated to the platform.
Users will have the opportunity to either lend CQT tokens to borrowers by fixing an interest rate and a desired contract duration, or by holding CQT tokens on his wallet to get dividends from platform fees. These dividends can then be automatically reinvested to further benefit from the powers of compounding, or withdrawn as fiat money in any ATM worldwide.
“The difference we have with other competitive platforms in the P2P lending field is our ultimate game-changing goal to allow our clients to benefit from fast access to their loans by depositing it directly on their CHECQIT Card, linked to the CHECQIT Wallet that will support Ethereum and ERC20 tokens”, said Benzekri.
A team of experts devoted to financial democracy is behind the innovative and constantly evolving CHECQIT platform. Important figures in the cryptocurrency industry such as Jonathan Lauziere, Board member and Treasurer of the Einstenium Foundation, are also contributing as advisors for the initiative.
CHECQIT tokens or CQTs will be available at CHECQIT’s first pre-sale starting February 21st, 2018 12pm (HNE) on their official website. They will be accepting ETH, LTC, BTC, BCH and BTG in exchange for their tokens and will also be offering a 40% bonus for early birds.
For more information about CHECQIT, visit https://checqit.io
This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of The Merkle. This is not investment, trading, or gambling advice. Always conduct your own independent research.