Getting a loan for an emergency or just any occasion is not as easy as it seems. Banks need almost every document you have to lend you money but Inventure’s Mkopo Rahisi wants to disrupt that.
Powered by Inventure, Mkopo Rahisi makes it easy to get fast, LOW-interest loans of up to $44 (Ksh 4000) when you need them. The cool guys at Mkopo Rahisi send you the cash into your M-Pesa account within 48 hours after application and all you need is install the app, connect to Facebook, answer a few quick questions on use of M-PESA, where you stay, work and your academic background to see if you qualify for a loan.
For security, Inventure requires that a borrower downloads the app only on an Android device they own and only one Mkopo Rahisi account can be associated with any Android device.
After downloading the Android app, the guys at Inventure will ask to scan your M-Pesa text messages and if your M-PESA transactions are frequent. You have the cash.
Founded last year by Shivani Siroya, InVenture’s Mkopo Rahisi is modern credit for a mobile world where banking is broken.
Shivani Siroya (Image Fast Company)
“Traditional credit doesn’t work in emerging markets; mobile does. Our technologies are unlocking trillions of dollars in purchasing power in the world’s fastest growing economies, says the firm. “We empower people with access to the credit they deserve. We don’t worry about “thin files” because we collect data frictionlessly using mobile tech. The result: >10,000 data points per user. We use our data in ways no one else does. Our credit scores update in real-time and empower our users to improve their lives.”
The firm says using real-time credit scoring, it gives truly instant value as it provides its users credit for what they need and when they need it. The company says most of its loans reach borrowers all over Africa in less than an hour.
Last year, the Inventure gave over 6,000 loans and more than 75% of the borrowers went for a second loan.
The firm operates in Eastern Africa, South Africa and India and aims to democratize lending, end the brutality of loan sharks and fill in a huge gap left by banks due to lack of credit information on low income earners who need the loans. Unlike Safaricom’s M-Shwari which allows this segment to save and borrow, Inventure allows anyone to donwload the app and apply for a loan. It reduces risk that the borrower has a smartphone and uses M-PESA frequently and as well makes spends more than $0.5 on calls to friends and family.
No wonder Inventure was named among Fast Company‘s world’s most innovation companies!Below are some of the testimonials.
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