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· March 12, 2018 · 3:30 pm

The biggest problem affecting low-income earners in developing countries from achieving a better quality of life is inaccessibility to credit. In fact, one of the main goals of the United Nations is inclusive and sustainable economic growth that can only be achieved if low-income earners (for emerging economies) with limited access to credit and loans are given financial inclusivity through decentralization of credit facilities that are currently dominated by the big banks.

In Brazil, for instance, credit is not only expensive for the larger majority but remains out of reach with a mind-boggling average annual loan interest of over 140 percent with over 40 percent of the entire population remaining locked out of credit facilities according to the Brazilian central bank. According to, apart from Brazil (ranked number 43 globally) other developing countries that feature exorbitantly high-interest rates also include Venezuela, Mozambique, Ghana, Congo and Argentina with the highest interest at 27.25 percent. Compared to the US these numbers are alarming.

However, there seems to be hope on the horizon with the disruption of the financial industry thanks to transformative technologies like Blockchain and cryptocurrencies. Individuals working and living in developing nations with limited access to credit can now access affordable loans thanks to the trustless and decentralized Blockchain technology as - click here to read the rest of this article