Koinwa launches first Bitcoin backed Cryptocurrency Loan App in Africa
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Koinwa a cryptocurrency platform has launched the first bitcoin backed cryptocurrency loan app in Africa.
Koinwa understands that individuals and small businesses want to play in the cryptocurrency market but do not have the requisite funding, thus the platform provides a cryptocurrency-based lending platform.
Koinwa’s lending platform is designed to enable “Individuals in Nigeria and Africa” to borrow Bitcoin via the “Koinwa App.”
This is more of a crypto advantage loan in the sense that it reduces the risk of high percentage volume offered by the traditional financial institutions, not undermining its potency to elevate millions of Nigerians and Africans out of poverty bedeviling the continent.
The target market for this new will inherently reposition lives and become the new normal since it caters to – SMEs, farmers, market traders, widows, etc. Who are considered economic actors driving activities that not only benefit their wellbeing but stimulate the economy?
Consequently, bank loans in Nigeria are hardly accessed by this group of borrowers, where they inch closer the rate is as high as 25% with a strict and inflexible repayment plan where they are expected to repay loans in monthly installment immediately such loans are accessed.
Speaking on the launch, Hakeem Disu, CEO of Koinwa said:
“At Koinwa, we make available the exact opposite of these strict practices.
This has not only made them the underserved but relatively weak actors and elements of poor societal integral unfortunate majority.”
“It’s on this note that we designed the “Koinwa Bitcoin App” to cater to their immediate funding needs enshrined in ridiculous rates as low as 10 percent.
Given this, the financial system can be a great equalizer that lifts billions out of poverty, undoubtedly accelerates the pace of innovation around the globe.”