The Interledger Foundation, an advocate for interoperable payments, has formed a partnership to power microloans for Uganda's community-based financial institutions.
Interledger has established a relationship with Kanzu Finance, which provides microloans to Ugandan community-based financial organisations.
Kanzu Finance, through Interledger, intends to promote economic empowerment and entrepreneurship in Uganda.
Officials claim that by enabling automated credit scoring, integration with digital wallets, and quick loan distribution and repayment, the organisation would stimulate local economic development and contribute to the expansion of community-based financial institutions.
The Interledger Foundation stated in October last year at its annual conference in South Africa that it will grant additional funds for wallet projects in order to enhance financial inclusion and create opportunities for African entrepreneurs with creative concepts to stimulate innovation.
Briana Marbury, Interledger's CEO, discussed the organisation's plans for Africa on the the sidelines of the Summit in Cape Town.
The Open Payments Summit brought together experts, politicians, and entrepreneurs working on fintech solutions to address the future of digital financial services.
It is believed that the collaboration will bridge the fintech gap.
“We’ve tasked ourselves and our partners with a substantial challenge: build a new financial system that operates like the internet to transcend traditional barriers and create new opportunities,” said Chris Lawrence, chief programme officer at Interledger.
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