In Africa, 57% of people are considered unbanked, highlighting the need in these communities for the use of cryptocurrency as an unbiased and safe way to handle transactions and secure capital for investment in their livelihoods. Globally, 56% of those who are unbanked are women, showing a disproportionate number of women have no access to traditional bank accounts.
One of the key tenants of CreDA’s credit4good programme is bringing investments to key projects that may look exotic to Western investors but that have tremendous promise and impact on everyday life. By combining credit scoring with blockchain technology, we can revolutionize the food and agriculture sector, using the power of DeFi to build custom solutions that are based on behavior, not bias, and that support the otherwise overlooked or underrepresented.
African Indigenous Vegetables (AIVs), for example, are extremely important both in their health and medicinal properties, but also in that the production of them creates income-earning opportunities for women and smallholder producers. That’s why we are thrilled to see blockchain technology being used to support and enhance these important cultural and nutritional products. Beyond creating a fair and transparent income for the producers, blockchain is also being explored as a way to increase demand and access among low-income consumers, fighting issues surrounding the barriers to food security on different levels. This article on the LASER PULSE program and their work in relation to AIV is a great example of this new Meta Economics