Global financial equality has advanced with protocols that use Cardano for DeFi borrowing and lending. Climate change continues to threaten global productivity. It has already hampered Nigerians ability to maintain minimal sustainable goods output and food security for much of the population. 100 million Africans now face various crises, catastrophes, and catastrophic food insecurity. A 60% increase between 2019 and 2020. As a result, the Sustainable Development Goals (SDGs) and ESG impact investing have made social progress a priority (UNDP).
A favorable global economy and less active community-bettering projects must be bridged as climate change worries grow. Since millennials are increasingly important in the Nigerians economy, getting into the $2 trillion cryptocurrency market may be the key to opening up new economic opportunities and supporting African communities.
Furthermore, MELD is an open-source non-custodial liquidity protocol for lending and borrowing crypto and fiat money. It aims to level the playing field between the ‘haves’ and ‘have-nots’. In addition, it allows the bottom 97 percent of the global population to obtain financial control. MELD has teamed with Nigerians telco Tingo to produce low-interest microloans. This will provide users with extremely efficient decentralized finance (DeFi) lending and borrowing alternatives.
Tingo Mobile uses technology to help Nigerians farmers.
Tingo Mobile democratizes access to mobile, technological, and financial services throughout Africa.
The digital platform allows farmers and cooperatives in Nigeria to sell their products wholesale or retail at the greatest potential market price. They presently conduct over 500,000 transactions every day, worth $8 million and averaging $16.
The transactions include settlement, brokerage, escrow storage, and logistics. All payments are sent and received using Tingo Mobile wallets. This ensures perfect anonymity.
In addition, the MELD platform will enable undocumented rural residents to acquire loans to increase crop, field, and sales productivity. The new relationship between MELD and Tingo will help both organizations achieve their goals. Currently, Tingo has nearly 10 million active users.
According to Tingo President Chris Cleverly, “This new relationship is crucial as Africa’s largest agrifintech aimed at delivering services to the agricultural community and striving to achieve food security across the continent.”
“We will cooperate with regulators to ensure this is done securely, but it is apparent that change is necessary, and Nigeria is leading this transformation.”
The collaboration between MELD and Tingo is a win-win collaboration.
They are now exploring DeFi options to complement Nigeria’s existing digital money, the eNaira. Thus, the collaboration would satisfy the UN SDGs and provide opportunities for everybody in the region.
A high-efficiency DeFi protocol like MELD, even if many of these transactions are below $100, is important to Tingo and MELD.
To do so, the MELD software is modified for Tingo consumers on over 9 million phones in the world’s second-largest crypto market.
The firms are now negotiating with a mobile OEM to preload the co-branded software on all Tingo handsets. This cooperation will also consider integrating financing solutions. Tingo enables MELD to offer DeFi services specific to each country. The Cardano (ADA) blockchain’s capital efficiency will allow MELD to offer self-paying and zero-interest loans to all platform users.
MELD’s relationship with Tingo is only one of several that will assist the company to realize its noble objective of granting marginalized people economic freedom. With World Mobile, MELD is now creating financial instruments to assist individuals to access the internet in regions where it was previously unavailable. As a result, MELD continues to focus on Africa, complementing Cardano’s efforts.
A recent partnership with CUDOS, a decentralized cloud computing network. To support each other’s protocols and give complete financial service to their consumers.
Cudos crypto mining infrastructure now includes a MELDapp wallet to simplify and speed up crypto mining. MELD supports values like safety, community, and empowerment through partnering with Tingo, World Mobile, and CUDOS.