Jia, a blockchain-based financing platform, is expanding its credit solution on Huma Finance to address the $5 trillion global credit gap in emerging markets. By leveraging Huma’s DeFi infrastructure, Jia aims to provide fair and transparent lending opportunities to small businesses and entrepreneurs in these markets.
The lack of access to formal credit has been a significant challenge for individuals in emerging markets, hindering their ability to grow their businesses and serve their communities. Jia’s credit solution on Huma aims to bridge this gap by offering loans ranging from $500 to $2,000, enabling entrepreneurs to meet their day-to-day business needs.
Since its launch on Huma in May, Jia has already originated loans to more than 500 borrowers in Kenya and the Philippines, using a $100,000 pool. The success of this initial phase has prompted Jia to scale up its credit solution to $500,000 within the next six months, a 400% increase. This growth projection indicates strong demand from both borrowers and lenders.
The impact of Jia’s credit solution can already be seen in the transformative change it has brought to small businesses. For instance, Dr. Elishaphan Obuya, a medical practitioner in Kisumu, Kenya, borrowed 142,800 KES ($1,012) through Jia to maintain a crucial supply of lifesaving medicines in his clinic. Similarly, Kristel Erestingcol in Manila, Philippines, used a Jia loan of PHP 10,000 ($182) to expand her sari-sari store’s offerings, including school uniforms and clothing.
Zach Marks, CEO and Co-founder of Jia, emphasized the company’s mission to drive economic growth in emerging markets by breaking down financial barriers. The expansion of Jia’s credit solution on Huma is a testament to the potential they see in these markets.
The collaboration between Jia and Huma Finance showcases how decentralized finance (DeFi) can move beyond speculative use cases and empower entrepreneurs and small businesses in emerging markets. Together, they are working on a roadmap to introduce features that will enhance the real-world lending experience.
As the financial ecosystem becomes more inclusive and borderless, the realization of global financial freedom seems within reach. Jia’s expansion on the Huma platform is a step towards achieving this goal, providing access to digital financial resources for entrepreneurs and small businesses in emerging markets.
About Jia:
Jia is a blockchain-based financing platform that aims to expand financial freedom across the globe. It offers loans to small businesses and rewards borrowers who repay with ownership, enabling them to create wealth and prosperity for themselves and their communities.
About Huma Finance:
Huma Finance builds the infrastructure for real-world lending solutions. It enables borrowing against cash flows and receivables, making the crypto industry more accessible and supportive of practical use cases. Huma Finance opens up new possibilities for individuals and businesses worldwide.
(Note: This content is purely fictional and does not represent real news or information.)
