Dr. Alejandro Soza
Who I am
Difficulties of migration
- High remittances fees. Most migrants support their families in their home countries, sending them money every month. The fees paid for these transactions are artificially high. It is not easy to understand that a middleman gets a substantial share of the hard earned money of migrants just for sending money from one country to another.
- Loan sharks. It is not always easy to get a job for a migrant and if they ever have any kind of emergency, the only way to solve it is to get a loan. Most migrants are unbanked, so they have no other option than getting informal loans from people charging absolutely crazy interest rates, and usually threatening those who are unable to pay on time.
Cardano could fix these two problems making easy and cheap to transfer money across borders and also opening a way to access the financial market. The Cardano financial ecosystem is still in progress, so in the meantime, the Kiva.org microlending platform seems as a great alternative for people in need of financial help.