Social Credit rating system is coming to America

DiasporanBank Sets Up Decentralized, Community peer-based Lending platform
(Washington DC, April 10, 2022) – Imagine not having to fully rely on a system that takes years to establish, encourages debt but disregards things like cash flow and rent payment history. The HYPERLINK "https://diasporanbank.com/" DiasporanBank, an online community-focused financial platform, has been launched to help by enabling easy community peer-to-peer lending and borrowing. The DiasporanBank makes it easy to connect lenders with resources or groups to individuals looking for loans.

“A large percentage of African immigrants and those back home are underserved by banks, and they struggle with access to loans or get bad rates when they do because of lack or no credit history,” says Mr  Bill Gwanyalla, the founder of DiasporanBank.

The Social bank, DiasporanBank will help financially empower Africans worldwide by modernizing the effective traditional community borrowing and lending of the past to the digital world. A social credit score rating (in beta) helps in deciding a user's creditworthiness . “A user’s social reputation, cash flow and how they are financially reviewed are three major determinants of the social rating score, while defaulters get publicized”, says a spokesperson.

The DiasporanBank is a membership-by-invitation-only platform where one can become a lender or a
borrower. To become a lender, one needs to have at least $5000 or be invited into a group. The lender can give out loans as an individual or with a group and earn attractive returns. When it comes to borrowing, The DiasporanBank offers easy loans at a better interest rate than the banks.

At the DiasporanBank, the groups are given the autonomy to make their own rules, plans and prepare their Group Docs. For any new member, the Group Doc acts as a group guideline and gives them a clear idea of what the group is all about. Every group is treated as a separate entity where the members can make group decisions like how much money to raise, where to invest the group money, or which loan to approve. The group members have the option to vote for an administrator to run the group or do a poll to make group decisions.

“The African diaspora is a force to be reckoned with. Our mission is to offer more opportunities by
making things easier”, said Bill Gwanyalla. The DiasporanBank allows members to start a hidden group and invite only like-minded members or known people. The group doesn’t appear on the site and the member decides who can join the group. One can also opt for a public group where other investors can join.

For Bill Gwanyalla, who founded Sousou.com 10 years ago, the DiasporanBank was a natural evolution of his ideas to fill up the gaps in the present financial systems, and open up new opportunities for the African diaspora around the world.
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