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According to a report, since its launch, more than 80% of African users in the Mineplex market have shown interest in the platform’s commodity mortgage program.
Zero-cost alternative
According to a recent study, since its launch as a new product on the Mineplex market, more than 80% of African users have participated in the commodity mortgage program. So far, this number has made users in Asia (23%), Europe (14%) and US (9%) interested in commodity mortgages.
As pointed out in a research report shared exclusively with Bitcoin.com News, Mineplex Banking stated that this commodity mortgage option is a zero-cost alternative to traditional loans, allowing users to immediately purchase products they cannot afford.
The report explains the apparent preference of African users for mortgage encryption and suggests that this may be based on changing tastes and preferences.
The report pointed out: “African users’ high interest in new financial tools may be based on the need to change the system for residents of African countries to obtain consumer goods and purchase cryptocurrency.”
To illustrate this point, the report uses South Africa—according to a report The Economist recommends that 86% of adults have taken a loan—as a typical example of a country’s interest in mortgage encryption.
Flexible terms
It stated that in addition to obtaining loans from traditional financial institutions (which have a strict debt repayment system), South Africans also borrow from microfinance organizations that operate as online stores and markets. However, unlike banks, these online stores and markets provide consumers with flexible payment terms and are therefore popular with South Africans.
Similarly, through commodity mortgages, it is reported that African users who are faster and more willing to use new tools can purchase electronic products and gadgets at prices as low as 10% of their prices. According to the report, the remaining funds of the acquisition were obtained by collateralizing available funds. The goods are delivered at the end of the stakeout period.
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