THE MISSION OF UMA CHIT FUNDS

ginasaudy (44)in #umachitfund • 3 years ago

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Economic growth and social progress can be achieved through the use of chit funds. Both large and small businesses can benefit from Chit Funds by obtaining the capital they want to grow.

Individuals form a chit fund in order to save money collectively for those in financial distress or in need of a short-term financial boost.

Uma chit funds aims to become the world's leading and most reliable chit fund provider. The platform's only purpose will be to help its users/members improve their financial well-being. In order to meet their financial needs, the chit owners will be eligible to save and take loans at the lowest feasible rate of interest.

Thanks to the most advanced technology (Smart contracts enabled Blockchain), we can expand our platform's use cases, ensuring more openness, accessibility and reliability for chit holders.

To launch a financial product, they make use of Blockchain Technology which has always been there for us. Every round's chit winners are selected by the rules and cannot be tampered with, thereby maintaining a level playing field for all chit holders and benefiting our members/users.

UMA CHIT FUNDS AND BLOCKCHAIN TECHNOLOGY
Blockchain-based chit fund companies are designed to help people save for the future by allowing them to invest a portion or all of their income. By better managing their savings, people can move closer to their goals and dreams. By participating in blockchain-based chit fund schemes, small businesses may better manage their cash and increase revenues.

As a result, not only will their financial system be more stable, but it will also open the door to more prospects for growth in the future. Uma chit Fund encourages saving, provides a solid source of funds for crises, and helps the layperson in a variety of ways.

HOW UMA CHIT FUNDS CARRY OUT THEIR MISSION WITH BLOCKCHAIN TECHNOLOGY
At Uma chit funds, we work hard to expand the use cases for our platform and token to give superior accessibility, simple and secure functionality, high transparency, and the ultimate solution for capital saving and borrowing.

They use blockchain technology to carry out their missions below;

TRANSPARENCY: Scams and frauds in the chit market are being combated with the help of blockchain technology, which is being used by the Uma Chit Fund.
Uma chit funds would maintain complete transparency, allowing chit holders to determine the actual chit winner in each round. Nothing would be concealed from chit holders, and they would always be kept informed of the current chit pot value, borrowers for each round, borrowing interest rates, and foreman fees, among other things.

ACCESSIBILITY: Chit holders will be able to access and participate in each round using any device, including personal laptops, computers, mobile phones, and even shared public devices. To engage in any chit round, the platform would be required to set up a two-step authentication process.

As a result, the devices you use to access the chit rounds have no bearing on your privacy. We believe in less work and MORE productivity/accessibility.

RELIABILITY: Every chit round will have a genuine winner selected based on the lowest bidding value on the platform. In the event of any account holders or bots engaging in a single round, they will be disqualified and prohibited from playing in any subsequent rounds.
For security reasons and to ensure that all clients are real, KYC registration will be made required on the site. This will also aid in the elimination of numerous account holders and bots, as well as in identifying and taking action against potential cheats and hackers.

AFFORDABILITY: The website will launch multiple rounds of chit fund schemes, taking into account the financial situation of every participant. Chit fund programs would have EMIs ranging from $50 to $1,000 per month, depending on the capability of each member registered on the platform.

This means that a member is free to take part in whatever chit scheme he wants. However, the entire chit round amount must be maintained on the platform as collateral or an auto-debiting arrangement for a specific period is signed with the platform using credit/debit cards, which he/she should remember. In this way the platform allows everyone to start small and grow up their business over time.

As a result, the organization strives to improve the financial situation of its members.