🔙Background

Microfinance provides opportunities to the impoverished in society, enabling them to achieve economic independence and improved social lives. Additionally, it serves as a crucial financial tool that can help alleviate other challenges hindering a country's development. Microfinance is implemented in more than 190 countries and has been confirmed as one of the most effective tools that can be used to eradicate poverty.

According to statistics, as of 2020, more than $159.7 billion in microloans had been distributed worldwide, impacting the lives of over 139.9 million people through microfinance initiatives. It is estimated that globally, microfinance will reach a market size of $394.8 billion by the year 2027. In Turkey, microfinance has fundamentally transformed the lives of over 200,000 impoverished individuals. With this in mind, the primary goal of 1MCT is to promote the widespread adoption of blockchain-based microfinance, a new microfinance strategy, to facilitate financial inclusion for individuals worldwide who do not have access to banking services.

1MCT aims to promote the widespread adoption of blockchain microfinance applications through factors that consider the empowerment of women, including:

• Women tend to utilize small loans more effectively than men.

• Women have the potential to contribute to improving their families' nutrition and education conditions and reducing poverty.

• Women typically have a better repayment track record.

• High repayment rates are achieved from collateral-free and impoverished women.

• Women constitute a significant workforce that can be efficiently integrated into the economy.

• Women have the right to access capital.

• Women should not be excluded from any financial services.

• Women adopting credit tend to lead healthier lifestyles and become more empowered.

• When women access credit, they often use the loans to improve their family's economic situation.

The 1MCT Project has created an ERC20 token called MicroCreditToken ($1MCT) to facilitate access to microfinance services for the impoverished by leveraging core values of blockchain technology such as decentralization, transparency, and trust. 1MCT has been launched as a global currency to ensure the transparency and integrity of customer data and transactions offered to investors.