As we know from the previous article, that one of the biggest differences between the rich and the poor is their reluctance to deal with banks or other financial institutions.
Below are some of the reasons why many poor people do not want to deal with banks:
They Often Don’t Have ID
For some people living in developing countries, there is no ID Card of residence. Even for a country that was once a colony, sometimes there are still some people who do not know in what year they were born. This is certainly a difficulty where it will be more difficult for them to have an ID Card because they also do not have birth certificates (due to ignorance they are born when).
Maybe in a country like the US, it is a rare thing, but believe me in developing countries like Asia or Africa is common. And the problem not only affects the difficulty of them getting access to various sectors such as education, population, including the financial sector. This is a problem that the solution must be synergistic between a country and its related institutions.
Lack Understanding of Technology
As we know many countries are still uneven in the dissemination of knowledge about technology. Maybe for them still do not understand how to operate a computer or mobile phone (we do not talk about smartphones here, certainly more difficult than ordinary mobile phones).
As we know in an age like now the mastery of technology is absolutely essential to have. You can not expect much for these people to put their money in the Bank, on the other hand, they do not understand how to ‘communicate’ with the bank such as how to withdraw money, how to send money to other people, or how to withdraw money through an ATM.
Lack of Trust
This is a pretty basic problem. For farmers or ranchers (not excluding possibilities for other jobs, just for example) in developing countries they still do not believe in certain people / financial institutions. Therefore, not infrequently the transactions they do still use paper money (cash) compared to through the bank (wire transfer or online payment).
It is their reluctance to entrust the money they have to other people or institutions. And it is also inseparable from the lack of knowledge or possible lack of socialization of the governments of each country concerned. It should not happen if they have knowledge that what the Bank does is guaranteed by the authority of each country and is governed by the Central Bank.
Of these various problems would need a synergy between various parties as stakeholders in the financial industry, especially banking. Because if not resolved this can cause a domino effect which will widen the gap between the rich and the poor (please read here).
This is what Kora Network is trying to solve (https://kora.network) a financial startup that tries to solve financial problems especially for people who have not been served by banks.
Kora Network (https://kora.network) is certainly aware of changing the system or concept that has been running is not easy. Because of this, they chose to empower existing concepts rather than replacing current concept.
Currently, Kora Network is conducting Initial Coin Offering (ICO) which is fundraising for their strategic, development and operational needs.
For more information please visit the link below:
Official Site: https://kora.network/
Reddit : https://www.reddit.com/r/koranetwork
My Bountyhive Username : fayndeco
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