Accessing loans is one of the major challenges Nigerians face. This is more challenging for entrepreneurs looking to grow their businesses, as it requires too many processes, that many end up giving up and even dumping their dreams.
This challenge is what KiaKia wants to address.
KiaKia utilises psychometry, big-data, machine learning and digital forensics for its proprietary credit scoring and credit risk assessment algorithm to provide direct and peered personal and business loans to millions of individuals and SMEs without credit information.
Founded by Olajide Abiola in July 2016, the platform makes it possible for business people to receive loan easily, and as the name KiaKia implies, which means ‘quick’ in Yoruba, enables people receive loans as quick possible.
According to the founder, “Access to loan in Nigeria and Africa from traditional financial institutions by individuals and small businesses is almost impossible and difficult, and in the rare occasions where available, the process is physically rigorous, slow and lengthy, almost invalidating necessity for the financial credit.
Our solution is very simple and fast, but highly effective and efficient. This is where our name KiaKia, meaning real-time derives from. We are a licensed, entirely-online, direct and P2P lender that uses technology to provide direct personal loans at flexible rates, and also match borrowers with individual or corporate lenders at mutually-agreed rates. With improved credibility, borrowers are able to make their own interest rates offer to selected lenders while KiaKia takes a little fee for that. This way, everyone is a winner.
At the centre of our belief is that credible individuals and businesses should not be denied critical financial credits due to institutional bureaucracies, lack of innovation and agility to meet this simple need.”
