The banking and financial institutions have achieved a lot in terms of technological advancements and making banking and transacting easier. Though the banking industry is mainly centralized, but even at that they have achieved quite a lot . Being very profit oriented, these financial institutions think of themselves first, as they have to finish up business In profit and also pay their numerous staff. Meaning the sharp end of the sword is directly faced on the customers.
PROBLEMS WITH MODERN BANKING FACILITIES
• Excess fees are charged for transfer or transactions that can be carried out with little or no fees.
• Loan rebursement is very difficult and takes a lot of procedure or paperwork
• The requirements for loan collection is not readily available to those who need the loans for their businesses
• Due to the centralized mode of operation, most activities take a whole lot of time to be completed.
These are the major down sides of financial institutions we have today, and these issues cannot be fixed by another centralized entity. The solution the issues is a decentralized mobile financial market place that can make things easier, cheaper and faster with blockchain technology. The solution is PNGME
What is PNGME ?
The pngme project is a blockchain based project with the aim of creating a mobile financial platform, where a lot can be done and achieved. The pngme project will be able to give resources necessary for the following activities on their app and marketplace
• Loan collections and Reimbursement :- On the Pngme app and market place, users, which includes the loaners and the borrowers are directly linked up together, so they can directly run business with no third party involved. Bringing the following results to the lam light
- Loaners enjoy more profit to their loans also known as APY. Instead of saving up money in the bank and earning little or no interest, with pngme as a loaner, you are certain of good interest, in accordance with your agreement with the borrower.
- Borrowers enjoy cheaper or more flexible interest rates, flexible payment plan, and in essence enjoy proper use of the loan to take their businesses to the next level.
- Borrowers do not have to go through long processes of documentation in other to get loans for their businesses.
- Easy collaterals, that still get the job done, as digital asset which is the png token is used as collateral in loan seeking.
• Faster payments and transacton :- With the aid of blockchain technology, it is no news that transactions from various parts of the world are able to be carried out within minutes. Which makes payments and transactions more successful and efficient.
• Lower transaction fees :- One of the strongest points of blockchain is the fact that using it assets can result in far lower transaction charges, and this is exactly same with the Pngme marketplace. As cost of transactions are very low and reasonable. Payments made easy.
• Users can easily open bank accounts on the go through the app
• Users can also save money on the pngme platform through the piggy bank available in its platform
• Users can earn huge rewards for referring friends and family to join the platform.
These are the benefits of taking advantage if the pngme platform, the project is a very serious one and is already functional. With projects like this msmes around the world can surely develop .
For more information, feel free to check out the links below
Writers details
NAME :- Pedro