Heifer International joins Libra Association for its blockchain-based payment system
Wed, 22 Apr 2020, 07:41 am UTC
Global nonprofit organization Heifer International joins Libra Association.
In its official blog, Heifer International announced that it just joined Libra Association because it is developing a blockchain-based payment system that supports financial inclusion, competition, and responsible financial services association. Libra Association aims to develop a simple global payment system and financial infrastructure that would cater to the billions of people worldwide.
Heifer International has been working with farmers. The organization helps them grow their businesses. It noticed that as their sales and incomes grow, they face major challenges when it comes to accessing credits.
According to the UN Food and Agriculture Organization, less than 10 percent of small-scale farmers can access credit and without it, they cannot afford their day-to-day expenses or buy fertilizers and certified seeds to improve their farming inputs and increase crop production.
Thus, the people turn to local money lenders which offers high-interest rates and loans that are impossible to pay off. Many are forced to leave their families behind and find work elsewhere. They send their money home through remittances which incur a cost to both senders and recipients. The people who earn the least pay more for financial transactions.
“Today, more and more people around the world have access to mobile phones and the internet. We believe this creates an opportunity for a financial system that better serves the needs of the farmers we work with,” the organization wrote.
Heifer International is always looking for ways to help farmers find opportunities and enjoy more access to finances. The group is convinced that joining Libra Association can help them achieve their goal.
“We believe the Libra project has the potential to deliver a lower-cost, more accessible and more connected global financial system. One that will enable people that currently do not have access to the financial system to be connected to a more reliable and cost-effective platform,” the nonprofit organization added.
Meanwhile, Libra Association announced that it is applying for a payment license from the Swiss Financial Market Supervisory Authority (FINMA). It is also making changes in its network by including single-currency stablecoins.
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