">
TechMoran
  • About Us
  • Deals
  • Jobs
  • Motoring
    • Money
  • Pitch Your Startup
  • Submit Your Post
  • Freelance Gigs
  • Travel
  • Men’s Corner
  • Dating
Saturday, January 23, 2021
  • Startups
  • Reviews
  • Insider
    • Obituaries
  • Business
  • Women
  • Blockchain
  • Columnists
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition
No Result
View All Result
TechMoran
">
Home Startups

KiaKia launches to bring loans to individuals & SMEs across Nigeria in three simple steps

Milcah Lukhanyu by Milcah Lukhanyu
4 years ago
in Startups, Tech
8 min read
0

The best way to make money is borrow to lend not to consume and many startups are raising money to lend to Africa but most of them target individuals and not small businesses even if they say the bull of their lenders are SME owners.

Lidya, not your ex but the SME microloans startup founded by ExRocket Internet Tunde Kehinde and Ercin Eksin which recently raised seed funding is one such firm solely targeting SMEs in Nigeria first then across Africa. Lidya uses credit algorithms to allow SMEs to build a credit score and access financing in less than 48 hours to grow their businesses. The firm currently operates in Nigeria where 20,000 businesses have registered for the service. Lidya’s digital platform uses over 100 different data points to help any SME access much-needed working capital and build a customized credit score.

There are several others like Branch, Tala, Lulalend, Umati Capital, Pollenfinance, Pezesha, Zoona among others but KiaKia thinks they are to doing enough for the Continental market of nearly a billion people and over 180 million of these in Nigeria. KiaKia brings on board a mix of direct and peer-to-peer lending . Founded by Anyadike Chiemeziem and Olajide Abiola, the platform employs proprietary credit scoring and credit risk assessment algorithm to identify legible personal and business borrowers closed out of the formal lending system.

According to Abiola, co-founder, data scientist and CEO of Kiakia, “Our Solution is very simple and fast, but highly effective and efficient. This is where our name KiaKia, meaning real-time derives from. Anyone unable to get a loan from us is definitely not qualified for one anywhere else. That’s how confident and successful our service and system has proven.”

READ  ZunguZ Launches API To Bring Merchants & Clients Closer Together

Before you ask any questions, KiaKia is a licensed lender though it’s entirely an online peer to peer and direct lending platform targeting clients from all walks of life. KiaKia serves both individuals looking for small personal loans and SMEs who might not have chance at corporate lenders. KiaKia says its rates are mutually-agreed on as borrowers get to negotiate for better interest rates when their credibility improves.

Though it employs big data, psychometry, machine learning and digital forensics, the platform works simply by allowing borrowers to register and submit their data followed by a subsequent submission of the e-loan agreement by the borrower for KiaKia to approve. The vetting and approval of borrowers is important to both KiaKia as a direct lender and to peer lenders using the platform as most borrowers have no or little access to banking services and their credit worthiness is low making access to loans even more difficult or time-wasting.

KiaKia’s main mission is to break the heavy reliance of banks and financial institutions on institutional data instead of the real and functional understanding of people and their businesses.

Related posts

Top 5 Skills That Modern Software Developers Need to Have

January 22, 2021
0

What Software Developers Need to Know About Burnout

January 22, 2021
0

Free money transfer service Taptap Send launches its services to Kenya

January 22, 2021
0

54gene launches a genome sequencing lab to track infectious and non-communicable diseases prevalent in Nigeria

January 22, 2021
0

“At the centre of our believe 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. We provide quick loans to credible people and businesses,” said the firm.

READ  Lenoma Legal, Zlto & Home Farm selected as wildcats to pitch at Seedstars World South Africa Final

KiaKia simplifies the process by loaning directly to new borrowers through its KiaKia Direct while allowing vetted credible users to use the KiaKia Peer, its peer-to-peer lending section. KiaKia Direct asks the new borrowers about their job, marital status, vehicle ownership, work and home address, salary/income and business type among others. It’s loans are subject to status and affordability and the rate and fee depend on a users’ credit profile. KiaKia users have to be 21 and above. Though the data supplied is private, the firm is compelled to release data of loan defaulters to the the Credit Bureaux.

Readers 2,545

Share

  • Click to share on Telegram (Opens in new window)
  • More
  • Click to share on Tumblr (Opens in new window)
  • Click to print (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Pinterest (Opens in new window)
  • Click to share on Reddit (Opens in new window)
  • Click to share on Pocket (Opens in new window)

Like this:

Like Loading...

Related

Tags: NigeriaPeer to peer lendingSTARTUPstartups
Milcah Lukhanyu

Milcah Lukhanyu

Milcah Lukhanyu covers daily news briefs at TechMoran. She is the person who will probably read your press release and get the story out of it or totally trash it. Send tips to [email protected]

Related Posts

Tech

Top 5 Skills That Modern Software Developers Need to Have

January 22, 2021
0
Tech

What Software Developers Need to Know About Burnout

January 22, 2021
0
Startups

Free money transfer service Taptap Send launches its services to Kenya

January 22, 2021
0
Health

54gene launches a genome sequencing lab to track infectious and non-communicable diseases prevalent in Nigeria

January 22, 2021
0
Tech

Google’s Project Loon, solar-powered internet balloons discontinued

January 22, 2021
0
Startups

Uganda’s Innovex raises funding from Gaia Impact Fund to enable remote monitoring for solar companies

January 22, 2021
0
Startups

Aerobotics Raises $17 Million Led by Naspers To Scale AI for Agriculture Globally

January 21, 2021
0
Startups

Tanzanian money remittance startup NALA is launching in the UK

January 21, 2021
0

https://bit.ly/2VOxuoBhttps://bit.ly/2VOxuoBhttps://bit.ly/2VOxuoB
ADVERTISEMENT

Join our Mailing List

Loading

Recent Posts

Toshiba

Shoppable Ad Formats Are Coming Soon To Youtube

January 23, 2021

Top 5 Skills That Modern Software Developers Need to Have

January 22, 2021

Why Bernie Sanders Is A Trending Meme

January 22, 2021

What Software Developers Need to Know About Burnout

January 22, 2021

Which Tech Companies Are Employee Owned and Why?

January 22, 2021
">
">

Follow Us

">

There are many sites out there focused on blowing off some steam, from funny entertainment to thrilling experiences like playing online, in some cases online gaming could grant you the chance to win extra money. We came across rocketpot.io while browsing for a good btc casino online and it left us a very good impression with their wide variety of games and crypto offering.

Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Cookie Policy

© 2019 Moran Media Group - All rights reserved TechMoran.

No Result
View All Result
  • Startups
  • Reviews
  • Insider
    • Obituaries
  • Business
  • Women
  • Blockchain
  • Columnists
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition

© 2019 Moran Media Group - All rights reserved TechMoran.

Login to your account below

Forgotten Password? Sign Up

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
%d bloggers like this: