According to the United Nations and the World Bank, around two billion people in the world don’t have bank accounts. The term ‘underserved’ is commonly used to describe these people. By some estimation, this number might double.

Sadly, billions of people don’t have a chance to grow and accumulate money. The lack of social, political and economic stability is the result. Immeasurable potential is being wasted.

Unofficial Networks and Current Solutions

Communities have been providing self-made financial services long before first international financial institutions were founded. The Yoruba tribe from Nigeria invented a financial practice called Esusu, which enabled people to lend/borrow money. Another example is the hawala (used in Arab countries and South Asia), which allowed people to transfer money or buy products.

Since these make-do networks operate on personal reputation only, they are unstable and can’t grow. On a positive note, they are cheap and more accessible in underserved areas.

Banks, however, perform various valuations in order to be sure of your creditworthiness. Consequently, banking is available only to the wealthy ones (and those living in big cities) in countries such as South Asia and Africa.

Mobile Money has offered astounding solutions in East Africa, by reaching people who weren’t able to rely on banks. Unfortunately, as this system operates on centralized databases, it is susceptible to hackers. When the centralization blocks the interoperability, Mobile Money operators have to cooperate with other banks and merchants. This means that expanding outside their key geographic area or country isn’t an option.

There are many similar Blockchain projects, and they are all great in theory. In reality, problems with electricity, Internet access, approachable roads which connect rural and urban areas, and a fear of change, prevent them from development.

Kora is here to put all these issues to rest.

The Kora Network

Maybe you have heard of the kora before. It is a musical instrument used for songs of celebration, as well as to pass hopeful messages to the listeners.

The infrastructure necessary for inclusive financial services, owned by communities, is what we are working on. These blockchain-powered services are based on:

  1. Easy access: Anybody can use Kora; even those without a smartphone or Internet access. In addition, you don’t have to know much about technology and finance. The only thing you need is SMS/USSD access.

  2. Involvement with existing communities: Service providers used to operate within communities. CVNs stands for “Community Value Networks” and is a novel concept. The Kora Network authorizes well-established and trustworthy networks. Additionally, this allows these networks to develop their own CVNs.

  3. Full coverage: Supplying an independent financial service to the underserved can be tricky, as the quality of service can be compromised. To avoid this, Kora builds the entire ecosystem required to serve diverse users and communities.

  4. Inexpensive service: Most traditional financial services providers run into additional costs by using the blockchain. Kora, on the other hand, lowers these costs due to automation.


Cash is sometimes difficult to transmit, though it is attractive to many people due to its anonymity, tangibility and zero transaction cost.

Kora treats national currencies as electronic, encrypted tokens (eFiat). Being a digital currency, eFiat can be sent wherever in the world and in large amounts.

An original crypto-currency - the Kora Network Token will also be used to keep the Kora Network safe, and control the cost of access.


Ultimately, Kora’s goal is to end extreme poverty in the remote regions by making the most of existing communities which people trust. Financial freedom, opportunities, and empowerment is what Kora aims to give to the billions of underserved people.

To create equal chances for the whole world, join Kora.

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