Kora Network: A brilliant idea with Bright Future in Financial Systems

Kora is actually a project that is being designed to uproot the traditional problems in financial systems. It will have a positive impact on current issues dealing with the banking and transfer systems. One of the main advantages of this project is the provision of even access to the platform to all people equally without any discrimination of wealth. With instant and cost-effective financial services, Kora would be an inspiration for the world regarding the monetary matters.
Following are some of the major problems that Kora would address in its project.

1. Cost of Financial Services:
   Whenever a system that provides financial services is opened and made functional, it requires a lot of manpower and some expensive sub-systems. This leads to an increase in the cost of financial services offered by that system. Suppose a bank works in an urban area with a number of branches around. They need a strong infrastructure to be able to work in that area. With the introduction of Kora, all of these expensed would be cut off and it would lead to the provision of services the lowest cost ever been recorded.
2. Lack of Identification:

According to a research conducted by Jumia Nigeria, around 1.5 billion people lack valid identification. This could be a problem for current financial services provider as, without valid identification, there is a chance that fraudulent elements could use cover and grab millions of dollars.

1. Lack of Trust:
   Any kind of financial dealings and matters always need one important component i.e Trust. Trust act like a bond in finance-related deals where you have strong trustworthy relation with another party.

2. Lack of Literacy:
   Most of the people living in rural areas lack a proper literacy about financial matters. So with their level of education, it might be difficult for them to learn the dealings in days or months. It may take years for them to completely understand the working of financial systems.

Kora is based on four basic building blocks

Identity: Kora believes in the precise and authentic identity of its users.

Secure Storage: Strong security of the customer’s funds from the theft of stealing.

Money Transfer: Ensures the Quick and secure transfer of funds from one person to another.

Marketplaces: Provide ample opportunity by organizing venues for transfer of goods and funds.

Impact on Global Economy:
Kora would be the leading project that would directly provide the low cost and universal access to financial services. It would greatly impact the Transfer of Money and Payments, Lending and Loaning Agriculture and International Distribution of Funds.

Money Transfer and Payments:
The transfer of the money from one person to another would be a lot easier and time efficient. A person can just use a text message to send the specidic amount of money to anyone’s account. It would save him a trip and also resources. Basic payments can be made easily while sitting at home using the mobile account.

Lending and Loaning:
Kora makes taking loan a lot easier and less hectic as compared to current loan banking system.

More details can be found out by using the following links available.
https://bountyhive.io/join/Kora%20Network