Rabat – HashCash Consultant, a digital payment solution provider, announced the launching of a micro-loans lending platform in collaboration with a DeFi (decentralized finance) startup on March 25. The platform is targeting Moroccan women entrepreneurs.
The decentralized lending platform is managed with blockchain technology. This means transactions will not be verified through conventional banks, as the HashCash-powered platform provides software connecting loan providers with women registered on the platform.
“In such [an] application, smart contracts take over the role of financial institutions that have traditionally acted as guarantors for such transactions,” said Raj Chowdhury, HashCash Consultants’ founder and CEO.
The blockchain-backed platform mediates between lenders and women entrepreneurs through virtual smart contracts – an irreversible computer encoded contract linking two parties– to provide Moroccan entrepreneurs with access to capital from all over the world, according to multiple news reports.
Commenting on the viability of smart contracts, HashCash CEO said: “A contract will be written, that will disburse an allowance from lending account A to recipient account B, say, every Friday until the recipient account has received the required amount.”
The platform primarily offers pool lending services, an innovative lending application that allows the trading of assets through the blockchain. The service will be available to all Moroccan women registered with verified digital identities.
The micro-loans lending platform is the first step for HashCash consultants as the firm aims to eventually establish a Decentralized Autonomous Organization (DAO), a computer program keeping track of digital financial transactions.
In addition to promoting entrepreneurship in the MENA region, the venture aims to empower women business makers and allow them access to funds beyond the “bureaucracy meted out by financial institutions,” HashCash Consultant CEO told media.
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