New Economy Ledger will be the first microfinance lending platform aimed at developing countries, based on the NEM blockchain technology. The NEL Foundation will disrupt the microfinance world with the cutting-edge technology and efficient processes inherent in the blockchain-based NEL ecosystem.
Around 2 billion adults around the world are still excluded from the formal banking system with no access to credit and savings products. To improve their standard of living, they are forced to rely on substandard banking products and high-cost sources of credit such as payday loans or loan sharks lending.
Through bypassing banks and their high fees in this financial sector, relatively unknown to the private individuals, and offering practical solutions to the loss of productivity suffered by the microfinance organizations, NEL users will be able to lend with no risk to developing communities while earning interest. The interest rates proposed to the borrowers will be more ethical than the ones currently offered by institutions, while the lenders will enjoy solid returns.
For more information on $NEL, download the pdf here.