Xend Finance and its impact on Africa and the world

Its no more news on the great heights xend Finance is gaining in the tech ecosystem.

From acquiring $1.5 million in funding, to partnering with Binance Labs, Google Developer launch pad and so many others, its clear that a lot is expected and its great team hasn’t disappointed one bit.

Not only is Xend Finance the first DeFi (Decentralized Finance) platform for credit unions and cooperatives, but its coming from Enugu, NIgeris. This shows how much talent and vision it has building the platform with devs from within its community.

The steady fall of fiat currencies like the Naira has made a lot of people worried about where to save as banks offer low returns on amounts.

This is where Xend Finance shines, as deposits and withdrawals are made in stable currencies that do not fluctuate in prices easily. Its saving options make it safe and reliable as individuals and cooperative unions are not limited by Geographical locations, also the complexity of the system is reduced to bare minimum, making it easily accessible.

Xend Finance has 3 saving groups:

• Personal — As the name suggests, users can deposit a certain amount of their wallet balance and gain interests on the deposited amount. The interest as well as amount deposited can then be withdrawn later by the user.
• Esusu — This method utilizes a group, meaning a minimum of two members is required. Once the group is created, a certain amount of money must be paid by all members of the group. A date is then set where members can withdraw their interest in that cycle.
• Cooperative savings — Although it is similar to esusu, there are several differences. For one, the cycle here have a certain amount for a stake. What this means is that each member of a cycle can stake as much as they want in that cycle. They are not limited to a certain amount like in esusu. Once the cycle has ended, each member can withdraw their savings with interests.

These various have their own separate interests on amounts saved, giving users options depending on how they wish to invest, so no one feels left out.

And by reducing the complexity of its system, Xend Finance makes its system more usable by users who tend to confused when they hear terms like Blockchain or Defi, thereby gaining a large number of users and organizations globally.

For a quick step to step guide on how to get started using with Xend Finance, click here. There’s is also an incentive program being run by Xend Finance on the platforms testnet where 200,000 $XEND tokens can be won, more on that here.

Join the telegram channel: https://t.me/xendfinance, where you can get more interesting details, as well as meet other members of this great community.

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