Egoras partners PAID Network to provide low interest micro-credit for Nigerians
Egoras has announced its partnership with PAID Network, an ecosystem DApp that leverages blockchain technology to deliver DeFi powered SMART agreements to make business more efficient.
Egoras will utilise PAID’s SMART agreements to increase transparency surrounding its business agreement process by bringing its off-chain loan agreements on-chain.
The firm will also use PAID’s unique reputation scoring system to rank its users, as well as PAID’s insurance mechanism to protect the value of transactions and the loans Egoras provides.
PAID is building the world’s first borderless SMART agreement DApp for all business needs by offering standardized business agreements to make businesses exponentially more efficient. The DApp will be complete with escrow and insurance features, dispute arbitration and reputation scoring.
The new partnership with PAID Network represents a valuable opportunity for Egoras to improve the quality of the microfinance service sector, making startup microfinancing more accessible to unserved and underserved communities worldwide and to benefit PAID Network to provide services including SMART agreements, reputation scoring and insurance.
The Chief Executive Officer of PAID Network, Kyle Chasse said: “Partnering with Egoras warms my heart because it is exactly the use case PAID was designed to empower. As an entrepreneur myself, I know how valuable it is to have access to funding to startup your business, and this is exactly what Egoras brings to the marketplace. So it is with great honour I welcome them to the PAID family, and I can’t wait to see how our SMART Agreements enables Egoras to scale to new heights.
“We were excited when we came across PAID Network because it is just exactly what we were looking for. PAID SMART agreements will help Egoras bring off-chain agreements to on-chain, and this will increase transparency in our lending process. We also hope to explore the firm’s reputation-scoring system for over 500 borrowers on Egoras platform in order to add more credibility to applicants of our micro-loans and help our ecosystem to scale globally. Finally, we wish to move from the use of centralised insurance companies to decentralised PAID Network’s insurance mechanism to insure loans and transactions.”
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