A new African DeFi start-up will deliver blockchain banking to the 2.3 billion underbanked adults in the world. Bora Finance is developing an online banking environment that will include a saving and investment platform, a loan and collateralization segment, insurance, and payment/POS platforms. The Bora Finance solution will give access to secure and cost-effective banking services to billions right through their mobile devices.
“The traditional financial system has left billions of people behind,” said Fanna Park, Founder of Bora Finance. “Bora Finance is building a better system for those that need it most. Access to basic financial services must be on the list of basic human rights. Bora Finance will provide a range of financial services to those that need it most.”
The simple goal of Bora Finance is to provide a complete banking and finance suite to those who have little or no access to banking now. The power of banking, being able to keep and grow one’s financial assets safely and effectively, is the hallmark of cultural and financial development.
Bora Finance will bring these services to Africa, then South America and Southeast Asia. Bora Finance will build its suite of financial services on the Cardano blockchain platform to keep fees low and provide the security of blockchain recording.
Bora Finance services will include: Savings, Smart Contract Insurance, Micro Loans, Point of Sale System, SME Business Loans, Tokenizing Real World Assets, P2P Payments, Micro-insurance, NFT Investment Vehicle, Smart Identification and much more
“We must do better for the underbanked,” Park said. “The traditional financial system was not designed for the developing world. We must create a better system; Bora Finance is that system.
The irony is that those 2.3 billion adults represent the single largest market for growth of financial services, but American, European, and Asian finance companies are too rigid to open their doors to these people. Bora Finance is being built to serve that market to the benefit of everyone, the customers, the investors, and the company.”
Bora Finance has successfully raised $56,000 during a presale round. Bora Finance is excited to announce the IDO Seed round will be open to the public. Details and registration for the IDO can be found at their website https://borafinance.io.
Africa Money and DeFi Summit
The Africa Money & DeFi Summit will connect Africa fintech leaders, global platforms and thought leaders on the new opportunities in Decentralized Finance (DeFi) at the fourth Africa Tech Summit in Nairobi. An array of keynotes, panels and breakout sessions will deliver key insights and offer opportunities to connect, network and do business across the African fintech and DeFi landscapes