Africa Code FOUNDRY
sister company of the ACA where devs are hired as staff engineers and startups are formed
Sitting at the top of the pyramid of opportunities that the Foundry provides is to found new companies that are staffed by their compatriots, creating the maximum benefit for the engineers and Africa.
A DeFI Lending Startup on the Algorand Blockchain
Fidelis is a startup being incubated from team members of the Africa Code Academy seeking to provide fast non-collateralized loans by staking of Trust Point tokens from trusted backers in the lenders social network.
Fidelis seeks to disrupt the informal lending economy (“loan sharks”), which are often the only option for ordinary Africans to obtain short-term credit. Apart from excessively high interest rates (30-50% a month), loan sharks often use intimidation and coercion to enforce repayments.
Utilizing the Algorand blockchain, approval, tracking and disbursement of funds are fully automated through smart contracts, making it cost-effective and scalable for growth across Africa. Additionally, by utilizing the Trust Points for both borrowing and backing of loans, Fidelis also builds up a social network credit scoring system that will allow further opportunities to offer other financial services to the most trusted and trustworthy among our customers.
Fidelis was recently awarded a grant from the Algorand Foundation.