Kora provides access to the global finance platform via SMS!

In the modern world, in large cities to have several bank accounts, use ATMs and plastic cards, easily exchange paper money into electronic, take loans, make money transfers via Internet banking has become commonplace. All these services are very common and have become an integral part of our lives.

Despite the high level of development of the world financial system and its implementation in everyday life, about 30% of the adult population of the planet doesn't even have a bank account.

I tried to highlight the main factors that contributed to the current situation:

1. The high cost of maintenance. Opening a bank branch in a small town and a village is quite expensive, and all costs are covered by users;
2. In developing countries, it is often difficult to obtain any proof of identity required to open a Bank account. According to statistics, 1.5 billion people around the world live without identity cards;
3. Many people do not trust banks, including ATMs and online banking;
4. Most people lack basic knowledge of financial literacy, often leads to poor financial decisions. For example, people are lured by loans and no one talks about hidden fees, etc.

And also I decided to analyze what methods of the solution of this problem exist today:

1. Banks continue to provide the fullest range of services in developed countries, but in regions with low levels of civilization they face difficulties in servicing and often inability to obtain human documents;
2. The emergence of mobile money solved the problem of transaction speed, but they are difficult to convert among themselves or it is expensive;
3. Microloans from friends and acquaintances solve a problem there where there are no banks, but this approach faces the problem of scalability and the inability to track credit history;
4. Some blockchain projects, with the help of which transfers are cheap and unlimited in amount, but such actions require an understanding of the technology and the availability of an expensive smartphone and the Internet.

As you can see, each approach has its drawbacks.

The Kora Network project is designed to solve the problem comprehensively.

Using the same financial capabilities with the platform you can easily make a money transfer without commission and much faster anywhere in the world. The service is available via SMS/USSD even on the cheapest mobile phone for 5$ or via the Internet through a mobile application running on blockchain technology.

The key difference of this project is that it intends to include all the advantages of existing systems and combine them into one intuitive platform for ordinary people.

What are the benefits of Kora Network for its users?

1. Low cost - the Kora Network is designed to simplify the operation;
2. Universal access even for people who do not have the Internet or a deep understanding of technology;
3. Flexible authentication - Kora provides a flexible process that allows users to connect to the network with any document they have.

Thus, the project increases confidence in financial service providers, does not require documents, provides easy access to your funds.

Let's imagine the usual situation in life and how the platform will help to solve it:

A student who studies in the US or Europe wants to send money aid to treat his grandmother. She lives in a small town on the African continent. Grandma doesn't have a bank account. She can ask her friends to tell her grandson's account number. This operation will take a few days and financial service providers will charge 5-10%. As well as grandmother need to ask friends to go to the nearest city and took cash at the ATM.

With Kora, this operation will be almost free and will take a few seconds. Sent funds can be easily and quickly paid in the store, pay for mobile communications, subscriptions to content, utility bills or training.

One of the main problems of international aid and charity is corruption. The allocated funds are received less or not at all. The Kora platform is built on blockchain technology, with which all transactions can be tracked. Therefore, assistance is being provided in full.
One option for humanitarian assistance is the provision of Kora accounts to each affected person.

Analysts of the project conducted research and found that the widespread introduction of financial services through digital Finance can lead to an increase in the GDP of all economies by 3.2 trillion dollars by 2025.

In my opinion, the project has great prospects. It opens up the world of digital finance to absolutely everyone regardless of the person's financial condition, making access to it safe and very cheap.

More information you can find on these links:

Website: https://kora.network/
Telegram group: https://t.me/kora_network
GitHub: https://github.com/koranetwork
My bountyhive username: AlekseyCrypto