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Nigeria’s KiaKia using big data to offer SMEs access to loans

Nigerian startup KiaKia is helping to make direct and peer-to-peer consumer and SME loans accessible and obtainable for underbanked and unbanked Nigerians without credit histories through its online proprietary credit scoring and risk assessment algorithm.

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News

Vietnam to facilitate SMEs growth through funds, incentives
Increased access to funding and new legislations are among the measures being rolled out by the Vietnamese government to support the country’s small- and medium-sized enterprises (SMEs).Late last month, the Ministry of Planning and Investment (MPI) announced four preferential loan programmes to be made available to SMEs this year under its SME...
The coolness factor in banking
Except for people at Fintech Meetups or students at business schools, no one actually thinks banking is “cool”. For them, it earns money – yes. It is necessary - yes. But cool? NO. The average citizen prefers dealing with his insurance company, rather than sitting down to do his financials, and more people would wear a t-shirt sponsored by a Trump...
Qupital secures $2Mn from Alibaba to expand its SME financing platform
Qupital has secured $2 million in a seed round of funding led by Mindwork Ventures and Alibaba Entrepreneurs Fund. What’s more impressive, apart from the investment size, is that both the firms have invested for the first time in a Hong Kong-based FinTech startup. The round witnessed participation of few other investors including DRL Capital and...
World First Lets Global SMEs Go Bankless
World First is launching a cross-border payments platform for SMEs. The U.K. company said Tuesday (May 9) that it is rolling out its World Account solution, an international payments platform for B2B payments developed for smaller businesses. According to World First, the solution allows SMEs to go bankless and avoid the fees associated with...
Omani banks allowed to consider one per cent of non-funded credit for SME funding
Omani commercial banks can consider their non-funded credit to the extent of 1 per cent as part of the compulsory 5 per cent minimum credit for small and medium enterprises (SMEs). Non-funded credit is extended by commercial banks to small units by way of letters of credit (LCs) for imports or guarantees for government projects. The Sultanate’s...
KPMG launches finance option for SMEs
Big four accountancy and advisory firm, KPMG has launched a new financing option for small and medium-sized businesses looking to raise debt finance up to £10 million. KPMG’s Enterprise Financing will complement the firm’s debt advisory expertise and will support SMEs looking to raise new debt finance or refinance between £2 million and £10...
NatWest launches three-minute business loan application
NatWest is launching a new lending platform for small businesses, providing clients with an individual pre-configured financing assessment viewable online and cutting the time taken for approval from 21 days to three minutes.
New financing programme to boost SMEs in Middle East
Dubai-based Dar Al Tawreeq, part of Tawreeq Holdings, has launched a new working capital programme that aims to facilitate funding and liquidity to SMEs in the Mena region. Under the name InvoiSME, the sharia-compliant receivables financing programme is offered through the company’s cloud-based Tawreeq supply chain finance platform.
Lending to SMEs improving but demand for credit and financial knowledge remains weak, says OECD report
A new OECD report on SME financing in 39 countries around the world suggests that while lending to SMEs is improving, a stronger economic recovery is being held back in part by demand-side barriers – such as low demand for credit and small business people’s lack of financial knowledge. The Organisation for Economic Co-operation and Development (...
SME lending gap in Arab region must be filled, urges AMF
The Arab Monetary Fund (AMF) said there is a 300 per cent funding gap for small- and medium-sized enterprises (SMEs) in the region that banks are not filling. The Abu Dhabi-based fund said that while SMEs make up 80 per cent of businesses in the region, only one in five has a loan or line of credit. "The available financing options for SMEs are...