Two UN divisions are collaborating with the Sierra Leone nation and a non-profit technology to launch a blockchain-based identification system.
The UN Capital Development Fund (UNCDF), the United Nations Development Program (UNDP), together with Sierra Leone President Julius Maada Bio and the non-profit organization Kiva announced a project to "modernize" the credit bureau "on Thursday during the 73rd session of the General of the United Nations Assembly.
According to Kiva, Sierra Leone was chosen because it has only one credit office that serves 2,000 people, or less than 1% of the country's total population. Furthermore, 80% of the citizens of Sierra Leone remain without a bust.
In a statement, UNCDF deputy executive secretary, Xavier Michon, said the nation could override other nations by implementing a new model for its citizens.
"Thanks to this implementation, Sierra Leone is building one of the most advanced and secure credit bureaus, which could serve as a model for developing and developed nations in the future and has the potential to radically change the landscape of the world. financial inclusion. "
The project hopes to provide each of the citizens of Sierra Leone with personal identification tools and a personal digital portfolio with their own credit history.
The Kiva protocol, the system that promises citizens full control of their personal data, will allow citizens to record all loan and repayment transactions on its blockchain. Government and non-Kiva partners can use the credit score on the Kiva blockchain as a valid credit score before commissioning the loans.
Citizens can choose to reveal their score to whoever they like, giving residents more control over their data and credit score, according to the announcement.
Image of the Sierra Leone flag through Shutterstock