Uulala Brings Financial Inclusion to the Unbanked

The Uulala project bridges the gap between the traditional financial system and those who are deprived of access to essential banking services.

News Desk,
8 mins ago


Online financial services and mobile banking have become so common that we often take them for granted. It is so convenient to check your account balance on the go, pay bills from anywhere, and tap a credit card when you need some extra cash. Little do we realize that 2 billion people around the world do not have a bank account or access to financial services via mobile devices, according to the World Bank's data. In the US, about one-third of the population is unbanked, with low-income households and immigrants from Latin America hit the hardest.

Uulala is building a financial platform to solve such financial problems for the unbanked population, making their financial life easier, safer and cheaper.

“Life is more expensive for people who have less,” Brian Blake, vice president of CheckSpring Bank, admitted. And that's the reality the Uulala team wants to change with its ecosystem, which will include online and mobile services.

Uulala’s target is the Latin American market, which numbers more than 600 million people and has over $2.3 trillion in purchasing power in the US alone. Most of that is unaccounted for. Mexican immigrants, for example, send home more than $25 billion annually, which exceeds the value of Mexico’s oil exports.

Uulala’s benefits for users

Digitalizing cash: currently, there are over 150,000 locations where you can load cash to Uulala and thus access online financial services. A peer-to-peer load marketplace allows users to sell tokens for cash and vice versa.

Paying bills: Uulala’s digital wallet works like a traditional mobile bank account. You can transfer the bill amount to the recipient and even set up automatic payments for recurring transactions.

Managing finances: Uulala is a great tool to put your finances under control. You have all your transactions and money flows in one place.

Micro-credits: Uulala's proprietary micro-credit algorithms use purchase history and behavioral habits to forecast users' financial capabilities and estimate their financial position, providing precise credit score for micro-credits.

Uulala ICO details

The team plans to launch the crowdsale on April 20 with the aim of raising at least $5 million, which has already been accomplished. Their banking core engine is developed and blockchain development will be complete shortly. The Uulala beta is set to release in May with the onboarding of clients before the ICO is complete. The ICO will be live until May 31 or until the hard cap of $50 million is reached, with 125 million tokens available for sale at the main ICO stage.

The tokens will be sold in batches at prices ranging from $0.13 to $0.28, and early comers will get better deals. Uulala will spend 50% of the funds on user acquisition, with the rest distributed equally between R&D, administrative and legal costs, founder pool, and development.

If you are interested in the project, please refer to the official website to get more detailed information on the crowdsale conditions or subscribe to the updates on Twitter and Telegram.

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