RooFIA

Inspiration

Young people in Kenya suffer from high interest loans from mobile money lenders who charge massive interests and at the same time do not offer investment opportunities to people with low income.

What it does

RooFIA comes in to help by allowing anyone to be able to guarantee loans(individually or as a team) thereby enabling investments of any amounts as guarantors can pull resources and jointly sign a loan request.

How we built it

RooFIA is build on hedera for the transaction speed and low cost. RooFIA is made up of borrowers, lenders and custodians(who can issue both tokens and loans in desired currency to end borrowers and profits to guarantors on repayment, this is done via the smart contract). The mix of crypto and fiat currencies is what will enable unbanked users to access the platform without any inconvenience

Challenges we ran into

Accomplishments that we're proud of

What we learned

What's next for RooFIA

Actual product development, incubation if possible

Built With

• hashconnect
• hedera
• javascript