PGNME DECENTRALIZED MOBILE BANKING SOLUTION

As at the year 2019, the world has millions of MSMEs striving to make the ground easy to tread on, as economic challenges and various inhibiting factors affect the growth of these MSMEs, it is without doubt that MSMEs are here to stay and are important to human lives. There are so many huge, known businesses round the world, who offer goods and services at rates that may be uncomfortable for people to afford, but with the help of msmes, who bridge this high rates, people are able to afford services and goods in a more comfortable manner. Examples of msmes include, the hair salon next door, the canteen close to you, the mini supermarket near your neighborhood, These guys provide employment for millions of people around the world, and also add a lot to the gdp of countries they deal in. But time and time again, we see one Msme or the other fold and wiped out to existence due to certain inhabitants or problems they come across.

     PROBLEM LIMITING MSMEs 

The major problem that limits most msmes round the world is the issue of lack of capital . With financial institutions making access to loans extremely difficult and demanding, msmes suffer a whole lot from the lack of capital. When these loans are then granted, the interest rates are usually so high, that at times it is very hard to keep up with and may do more harm than good.

       PROBLEMS LIMITING THE AVAILABILITY OF LOANS 

• Financial institutions spend a lot in running there firms, and due to this high cost of functionality, they look to claim enough profit from borrowers leaving them with high annual percentage rate , thereby reducing flexibility of the borrowers making business more difficult.
• Most borrowers have no source of evaluating legitimacy or good ratings, making the process of acquiring loans from banks and financial institutions more difficult, and when given, they are given with very high interest rates.

    The Answer 

The pngmeproject that I like to call the decentralized BANK . It is a decentralized project with state of the art banking facilities put in place to improve the availability of funds to msmes through the direct linking of borrowers and loaners. With the Pngme platform, transactions, assets settlements and collateralizing loans from cryptocurrency is possible The platform is mobile and decentralized with blockchain technology.

       MODE OF OPERATION 

On the pngme platform, the loaners and borrowers are linked up with blockchain technology through the algorithms present on the pngme platform. The borrowers makes a digital bond (contains amount needed, interest rates , coupons, annual percentage rate and so on ) , which will be sold to the loaner, the bond Is properly scrutinized by the platform through the borrowers credit score and after passing the risk management level. The borrower collateralizes this bonds or loan proposal with digital assets or cryptocurrency This is to ensure the loaner is at safe hand and no funds goes missing. The loaner they looks at the bonds and makes their own corrections or terms to the bond, once agreement is reached the loan can then be granted from the loaner to the borrower. The pngme platform ensures the borrowers reduce the annual percentage rate to loans they acquire, while the loaners on the other hand get their required Annual percentage yield . With this, everyone is a winner and businesses can get to height they have always wanted to attain. This ,is how the pngme project will change the world and msmes in general. The pngme project is a mobile finance marketplace,

        COMPONENTS OF THE PNGME ECOSYSTEM

• The Pngme Mobile app
• The pngcoin
The pngme mobile app is one very focal point of the project, there are various activities that can be done on the mobile app and they include
• Make seamless transfers and payments
• Open accounts easily and transact with it
• Loan market place, where borrowers and loaners meet and transact.
• Credit scores used to checkmate the legitimacy of users
• Availability of piggy bank, where users save and get interest on their savings
• Pngcoin is earned by users as a reward for referring other users to the platform

The Pngcoin is the digital asset that is peculiar to the pngme platform used for payments and other transactions that can be ran on the platform. The pngcoin is an ethereum based asset leveraging on the solid ethereum blockchain. It has a total supply 1,192,258185 PNG with a price at 0.02$ per png.

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Writers details

NAME :- Iyke

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