Masa Finance, a Silicon Valley-based DeFi protocol offers a simple user experience enabling people to link, manage, and track traditional and cryptocurrency accounts to build a non-fungible credit report that helps in accessing credit through fully on-chain services.
In a recent announcement, Masa Finance unveiled its partnership with Pngme, an African financial data organization to boost the adoption of DeFi credit services across Africa. Masa Finance to be launched on Celo, its first DeFi credit product in partnership with the Celo Foundation.
Nikhil Raguveera, Strategy & Innovation Partner, Celo Foundation, commented, “Our goal is to make DeFi accessible to the 6 billion mobile phone users around the world. We see Kenya and Nigeria as key markets, given crypto’s growing adoption today, where DeFi can offer financial tools that empower people who have been historically excluded from traditional financial products.”
Pngme is a leading financial data platform that offers data infrastructure and machine learning models powering the next gen of financial services. It enables its customers to easily embed financial data infrastructure and predictive models in their apps. Its platform allows real-time insights, one-click data sharing, and credit scoring. It is on a mission to provide ownership of data back to people, thereby giving equal access to finance and enabling wealth creation for billions of people.
Brendan Playford, Founder, Masa Finance, stated, “This partnership marks the first instance of bringing DeFi lending products and off-chain credit scoring capabilities to emerging markets. Masa and Pngme’s goals center on building critical infrastructure to drive financial inclusion. This is a huge step in providing access to credit for those who need it most.”
DeFi lenders based in Kenya and Nigeria will be able to access over 250 financial data sources with this collaboration. These data sources would include credit bureau data automating credit decisions via smart devices ensuring the confidentiality of data.