The Jita Micro Credit Platform

Micro credit is a branch of finance that offers small short term loans to people excluded from the traditional banking system. This powerful concept has been very successful in the past 30 years. It has improved the lives of millions of people in emerging markets. Indeed a small loan can make a huge difference. With micro credit, a farmer can buy stock, a clothes maker can buy a sewing machine, and a street food business can buy cooking equipment.
This great innovation is not without limitations. First, it is labor intensive, with many local branches and employees. Second, lack of experienced staff can lead to mismanagement, undetected frauds or bad lending. And finally, lending decisions can take months.
At Jita we believe that blockchain can vastly improve these services. Blockchain technology reduces international money transfers fees to a few cents, transfer times to a few minutes, and offers real time audit capabilities. Anyone can use it anytime.
Blockchain alone would be useless for the unbanked. But we live in the era of the mass market smartphone and digital currencies. In Kenya more than 30% of GDP moves using a text message based national currency named M-Pesa. This trend is accelerating thanks to economies of scale.
Therefore it is now possible to directly access the unbanked through their smartphones and run a banking system entirely in the cloud. This drastically reduces operating costs, creates big business opportunities and will make the world a more inclusive, connected and fairer place.