XendCredit and Propoor agents are integrated with Sterling Bank of Nigeria to enable a closed-loop credit, payment and repayment system through mobile phones that enables traders to grow their inventory, increase revenue and build a credit history. XendCredit will utilise Egoras microcredit protocol to issue micro-credit to creditworthy micro-businesses who were enrolled by Propoor for government-backed loans through the Bank of Industry, Nigeria.
Egoras protocol aims to address issues facing microfinance sectors like high interest rates, dependence on banks, and indebtedness. Egoras protocol uses an on-chain treasury system to ensure that it does not lack the funds or liquidity for the loans and these funds are governed by the people. The protocol provides collateral lending to address over-indebtedness in the microfinance sector. Small business assets are converted to non-fungible tokens and represent the collateral which is later sold off when the borrower defaults on the loan.
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