Telegram's first and largest crypto loan network LendingOwl, LLC on Thursday last week opened its doors to Africans. The CEO of the company Emma Madoff when chatting with journalists on Sunday said that the company is interested in shifting the focus to Africa.
According to her, they're about to get into a partnership with Jack Dorsey's Square to bring crypto card payments to Africa and also, no crypto platform can afford not to cash in on the African buzzing crypto industry.
Governor of South Africa reserve bank Lesetja Kganyago approve the LendingOwl P2P lending platform in South Africa due to the repo rate at 3.5%, which means that the prime lending rate stays at 7%.
The new Telegram exclusive Crypto P2P DAPP(Decentralised App) known as lendingowl, LLC is offering its African users loans of up to $25000.
Some Africans are already using this Telegram-only lending network to collect loans for their businesses and school-related fees.
The reason this platform is most popular among African youths is due to its low barrier to entry. For example, for a $1000 loan, you will need just 30% of the loan amount as collateral. That is 30% of $1000= $300.