Fidelis Loans

A DeFi
Startup on the Algorand Blockchain.

Fidelis logo
Algorand logo

About

Fidelis is a startup being incubated from team members of the Africa Code Academy seeking to provide fast non-collateralized loans by staking of Trust Point tokens from trusted backers in the lenders social network. Fidelis seeks to disrupt the informal lending economy "loan sharks", which are often the only option for ordinary Africans to obtain short-term credit. Apart from excessively high interest rates 30-50% a month, loan sharks often use intimidation and coercion to enforce repayments.

By utilizing the

Algorand blockchain

, approval, tracking and disbursement of funds is fully automated through smart contracts, making it cost-effective and scalable for future growth across Africa. Additionally, by utilizing the Trust Points for both borrowing and backing of loans, Fidelis also builds up a social network credit scoring system that will allow further opportunities to offer other financial services to the most trusted and trustworthy among our customers.

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