Binance Taps Blockchain to Create Credit Profiles for Africa's Unbanked
Binance is developing a financial super app for Africa that aggregates savings, payments, and card spending on its platform into a behavioral credit profile.
The company's Legal Counsel for Africa, Larry Cooke, argues that blockchain technology can build a credit profile of Africans who are currently rejected by banks due to lack of credit history.
Cooke says that regular savings through Binance Earn signal discipline, consistent payments through Binance Pay demonstrate cash-flow reliability, and card spending regularity points to income stability.
The mobile-money scoring model pioneered in East Africa is a precedent for this concept, but Binance claims its approach is more granular and portable, allowing users to take their credit profile across borders.