Launched in September 2016 by Africa Courier Express (ACE), Tunde Kehinde and Ercin Eksin, Lidya, a new online financial services platform aimed at Africans worldwide has gone live today and is now issuing loans to SMEs.
According to Tunde Kehinde, co-founder of both Lidya:“The overall aim of this platform is to tackle the huge issue of financial inclusion in Africa and to help support the continent’s entrepreneurs.”
Kehinde says with 600 million mobile subscribers and close to 350 million people online in Africa today, it’s clear that mobile-led, technology solutions are the future of financial services in Africa. He adds that Lidya will work with SMEs to not only provide capital to grow but also provide data to help entrepreneurs understand and improve the financial health of their businesses.”
The platform’s first product is a receivables based loan aimed at SMEs. The value of this loan can be between US$500 and US$15,000 and credit is disbursed to qualified customers in 72 hours.
The platform operates a credit scoring algorithm that will help customers to build their credit profiles and access highly competitive financing rates and larger loans.
Lidya co-founder Ercin Eksin, also commented on the launch:“We estimate the credit gap in Africa to be several hundred billion US dollars. To unlock capital for customers that do not have access to credit; innovative financial services backed with world-class customer experience must be developed. Lidya is revolutionizing how risk is assessed and how credit is disbursed. We look forward to helping our customers access the capital they need to fulfil their potential. ”