On a recent episode of Bad Crypto Podcast with Joel Comm and Travis Wright, Oscar Garcia, CEO of Blockchain Company Uulala, discussed How Uulala Is Building a Blockchain For Social Impact.
According to Garcia, “The existing financial services model is broken and disregards the hard working individuals at the base of the pyramid”.
Garcia, said “There are 2 billion unbanked individuals around the world including tens of millions in the US and hundreds of millions in Central and South America. We developed the Uulala blockchain technology to aid those individuals and connect them to the formal economy”.
When host Joel Comm asked “Let’s talk a little bit about the problem here because what you guys are doing is creating an app to help people who don’t necessarily have access or who are unbanked, or who have low credit to be able to play in the financial markets. How bad is the problem?”
Garcia answered, “Well, to help the cash consumers here in the United States and abroad because we believe it’s the same demographic. Right? The same family members that come over here and work sometimes stay in the United States and they continuously feed the family in their countries, whether that’s Mexico, Nicaragua, El Salvador. It doesn’t really matter. What we’re saying is, the cash-based consumer gets feed to death compared to the consumer that can afford the fees. Take in mind, just to give you some numbers, $29 a month is not that much for someone who has an average balance of $500 to $1,000 in their bank account. They get their fees reduced for the bank account, but for the person that has less than $500, it’s $29 a month, which is over $300 a year. That’s food. That’s bill pay money. That’s a lot of important things that that money can go to”.
Uulala is a financial solutions platform that provides the underbanked population’s access to the financial inclusion tools they need to change their future. The platform focuses on emerging market growth sectors domestically and internationally including minority and millennial underbanked populations. Through the implementation of their services suite, Uulala users will build or enhance their credit profile.
To listen to the full interview on The Bad Crypto Podcast, visit http://badcryptopodcast.com/2018/04/19/spotlight-27
To learn more about Uulala and Oscar Garcia, please visit https://tokensale.uulala.io/