Cognitochain — Decentralized Platform for Microfinance

Introducing Cognitochain — Decentralized Platform for Microfinance

Hello, world!! We are excited to announce Cognitochain. Cognitochain’s mission is to provide access to credit for millions of unbanked/underbanked people around the world. To realize our vision, we are building an open platform based on Blockchain technology that powers existing and startup Non-banking financial institutions with cutting edge technology that is built on the foundations of Privacy, Security and Immutability.

This is first in a series of posts about Congnitochain’s vision, Current state of the microfinance industry and the key problems we have set as our mission to solve.

Microfinance and The Unbanked:

The Indian Scenario :

The Government of India and the Reserve Bank of India have created conducive policy and regulatory framework for Microfinance Institutions (MFIs) to operate in the country. This has provided the necessary legitimacy and impetus to the sector. MFIs, in general, comply with the regulations, take care of client protection issues and adhere to the Industry Code of Conduct. These factors go a long way in infusing confidence among all the stakeholders. Last year the sector had to face certain issues when two high denomination currency notes were demonetized. This put challenges in the recovery efforts of the institutions. Though in the short term these developments have indeed affected the sector, they have displayed enough resilience to carry on with our activities to achieve the goal of financial inclusion.

Three areas deserve special attention.

The Need for articulating the fact that microfinance is a strategic part of the financial inclusion agenda of the government and that of the central bank.

The criticality of re-demonstrating collective intention to help the poor, low income population and the unbanked populace by way of having the right mission, social performance measures and client protection processes.

We are able to project the fact that microfinance institutions are sustainable financial institutions and they continue to be the investible destination for the bankers and the investors.

Technology as an Enabler

About Cognitochain:

About Stree Nidhi :

More info:

https://cognitochain.io

https://twitter.com/cognitoChain

https://www.linkedin.com/company/cognitochain/

https://t.me/CognitoChainAnnouncements

Decentralised Platform for Microfinance