PCCL products that helps to end world poverty
As a sustainable micro finance provider PCCL always find ways to up lift the living standards of its clients. So far PCCL’s client base was limited only to the Sri Lankan deprived community where as now PCCL is aiming to expand its micro financing services in a way that enables a wider range of under privileges all over the world through which contributes to up lift living standards. This goal was initiated as a result of realizing that there are 1.3 billion people are under the poverty line while 2.4 billion people are unbanked worldwide which leads to have negative consequences for the society. Apart from that there are people such as immigrants, refugees as well as young professionals all over the world who are unable to get financial aid from banks and other financial institutions.
PCCL eco system comes in to the picture as a result of the concern that PCCL has towards on eliminating world poverty through micro financing. This robust and reliable eco system focuses on providing financial support from many perspectives that would lead to upscale the living standards of the above mentioned deprived communities and ultimate result would be the world without poverty. PCCL eco system is a robust and reliable method of providing financial solutions which consists of products (digital lending, green lending, P2P lending) and services (Remittance, insurance, E-commerce, savings, bill payments). This eco system runs on the i-lender app via decentralized block chain which makes those procedures secure, transparent, time and cost saving with many other benefits.
Digital lending is one of the products of PCCL eco system that makes effective transformations in the traditional micro lending as it enables to receive micro and SME loans online in no time via i -lender app. The loan approval process is being done based on a PCCL scoring algorithm that eliminates the need of providing collateral or credit history. While it only takes 10 seconds for loan approval ,it takes 15 minutes to transfer as either fiat currency or cypto currency. Clients could obtain amount of US $ 50 – US $ 3000 through digital lending and the due time of loans goes from 14 days to 180 days. Since this process run based on the decentralized ledger block chain that is being facilitated on i lender app, borrowers get various advantages such as good credit ratings, certification system, free from fraud, streamlined process of funding which is quicker and transparent etc.
PCCL believes in sustainable concept of “Go green, There is no B planet” and focuses on encouraging environmental friendly businesses that contribute on reducing ecological impact while improving environmental conditions. The process of green lending is a huge improvement in the micro financing industry which aligns with the triple bottom line concept whereby PCCL facilitates its clients to obtain green loans via an app that runs based on the decentralized block chain platform.
These loans can be obtained for financial needs for a range of environmental businesses such as organic plantation, organic fertilizer production, organic pesticides production, bio gas projects as well as for solar power projects. While this green lending product brings profits for PCCL it also has an immense positive impact on environmental sustainability globally.
Peer to peer lending is another Product of PCCL eco system through which enables to transfer loans to borrowers without the need of any intermediaries such as banks and other financial institutions. P2P lending online, using I lender app streamline the process of lending while being cost effective. This enables to overcome many obstacles which occur in traditional lending. P2P lending benefits both lenders and borrowers due to its advance technicality. As this technicality is a result of the integration between financial instruments and digital technology, it up lift the efficiency and effectiveness of each stage of the procedure (loan application, acceptance and funding) of this P2P lending.
This allows PCCL to reduce the risk by spreading risks across several loans and allows PCCL to choose who to lend based on an effective assessment. As this whole process is being done via decentralized block chain platform it makes the funding process quicker, high transparent as well as inexpensive due to no middleman involvement with many other benefits.
As a conclusion, products of the PCCL eco system gets the deprived communities to the global economy by providing universal access to micro financing in an effective manner with the support of block chain technology.
By Sayuri Willorage