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TGMP Turkey has provided loans to over 39.000 micro entrepreneurs will use blockchain

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TGMP is the largest microfinance institution in Turkey. It was established in 2003 as a joint venture between the Turkish Foundation for Waste Reduction (TISVA) and Grameen Trust, with a mandate to provide sustainable financial services to low-income women micro-entrepreneurs. Since then; it has distributed over 790 million Turkish Liras of microcredit to financially challenged micro-entrepreneurs.

Microcredit offered by TGMP is based on the Grameen model which operates in 63 provinces in 93 branches across Turkey and has provided small business loans to over 39.000 micro-entrepreneurs.

TGMP is focused on providing financial services to the financial challenged women of Turkey. It is a non-profit organization and it is focused to provide financial inclusion to the unbanked in a legitimate and efficient way.

TGMP provides innovative techniques to the micro-entrepreneurs. It is the only microfinance institution that utilizes NFC technology in its operations. It is currently collaborating with Turkcell which is the largest telecommunication of Turkey with regard to the incorporation of customer digital authentication service, “Fast Entry” and digital payment platform, “Paycell” within the microfinance operations.

TGMP believes that blockchain technology will eventually enable anyone with an internet connection to access a wide variety of poverty alleviation services at a fraction of the cost, which has the potential to drastically change lives. It has planned to launch the MicroCreditCoin (MCC).

MCC e-Marketplace Platform aims to develop a MCC and inculcate the system of Blockchain. There is a worldwide interest in blockchain microfinance as an emerging development strategy. The MCC would develop an e-marketplace for financially challenged micro-entrepreneurs and MCC social business investors. The e-marketplace for MCC would be based on their collaboration through smart contracts with local gross markets.  This system would enable the members of TGMP to carry out daily shopping with the local markets in exchange for MCC. Users will employ their MCC Token to finance their shopping at the integrated markets. Users will be able to finance their shopping list through MCC Token mobile application from the social investors who will be the lenders. The detailed eco-system is illustrated in the figure below.

The MCC e- Marketplace Platform is a prominent candidate to become an integral component of the corporate social business programs of various organizations around the globe in the near future.

 

 

Oliver Smith

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