A new partnership between KIVA and the united nation agencies has been formed to help the people who don’t have access to internet and credit facilities in Sierra Leone using distributed technology (DLT)
Kiva Protocol is a digital identification system designed to use distributed ledger technology to give people secure and complete ownership of their personal data and information.
Sierra Leone’s President Julius Maada Bio made this announcement the initiative, during his address to the Sept. 27, 2018, U.N General Assembly.
The highlight of the partnership will be to create and establish a national digital identification system using distributed ledger technology (DLT). The system will help ensure that every citizen in Sierra Leone has secure and complete ownership of their personal data and information, with the ultimate goal of helping people access the financial services they need.
Globally, over 1.7 billion adults are unbanked and have no access the financial services they need to improve their lives and business. Kiva is bridging a gap by helping to provide the two major constraints in accessing financial services which are lack of a formal identification and a verifiable credit history.
Kiva is building the system that will record these transactions using distributed ledger technology. For 13 years, Kiva has worked to provide financial access to the unbanked and underserved, becoming a trusted name with strong partnerships across the global microfinance industry. We identified that a systems-level change in identification and credit history has the potential to unlock massive amounts of capital for the populations they serve, so began the hunt for a solution.
“With this partnership in Sierra Leone, we hope to carve a path to a system of global identity and federated credit history,” said Kiva CEO Neville Crawley. “This can unlock capital for the populations who need it most, allowing lenders to massively increase services and the flow of funds to the world’s unbanked.” Rollout of the Sierra Leone project is planned for 2019, after continued ongoing implementation discussions.
For more information visit www.kiva.org