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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

Goldman Says Brazilian FinTech Will Disrupt Traditional Banks
Brazil is seeing a boom in financial technology, which, according to a new Goldman Sachs report, will chip away at the market share of the banks in the country. According to a report in The New York Times , Goldman Sachs’ new report, “FinTech Brazil’s Moment,” shows that greater than 200 financial technology companies located in Brazil should...
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. Launched to the public in November of last year, KiaKia aggregates digital data and utilises...
PayPal launches a small biz toolset, ‘Business in a Box’
PayPal today launched a new service, called Business in Box , aimed at bringing more U.S. small business owners to its payments platform. The service, which was developed in partnership with WooCommerce and Xero , offers merchants a suite of tools for running their online businesses, including an online storefront, accounting tools, the ability to...
IFC and Ant Financial to Enable Digital Financial Inclusion in Emerging Markets
IFC, a member of the World Bank Group, and Ant Financial Services Group, one of the world’s leading tech companies and parent company of Alipay— signed a memorandum of understanding to increase support to digital financial solutions to make basic financial services more accessible in China and other emerging markets. Building on an already strong...
The Fight for the $400 Billion Business of Immigrants Sending Money Home
A new class of startups is using bitcoin and the blockchain to drastically lower fees as they try to grab a share of the remittance market from old competitors like Western Union. “Dollars wrapped with love.” That’s how Dilip Ratha describes remittances—the money immigrants send home to their families and friends. “There are millions of people who...
Sorry, FinTechs – SMEs Like Big Banks Better
New data from the Federal Reserve shows small businesses aren’t taking to FinTechs as much as they’d hoped. Reports Thursday (April 13) said the Federal Reserve Bank of New York released a survey that found small traditional banks scored an 80 percent satisfaction rate with SMEs, followed by credit unions and big banks, scoring 78 percent and 61...
Member News: Ant Financial Eyes Japan
China’s Ant Financial Services Group has said it wants to increase operations in Japan and is actively seeking a partner there. Ant, the financial services subsidiary of Jack Ma's e-commerce giant Alibaba has been spreading its influence to the south with recent ventures in Thailand, Indonesia, Australia and The Philippines. On a global basis the...
Australia: New tools released targeting SME lending
Online lender Spotcap and national aggregator e Choice have simultaneously released two digital tools to assist clients and brokers with small business lending. Spotcap’s offering is an online portal to help explain and bring further awareness to the different non-bank lending options available for small and medium sized businesses (SMEs). The...
Member News: CreditEase invests $30m via online lenders
CreditEase Wealth Management, an arm of Chinese fintech giant CreditEase, has today unveiled investment deals worth $30m with OnDeck and LendingHome. The money comes from CreditEase Wealth Management's Offshore Private Credit Fund (OPCF), which raised $80m from its high net worth Chinese clients in late 2015.
Nigerian fintech startup Lidya raises $1.25m SME funding
Launched in September of last year by Tunde Kehinde and Ercin Eksin, also founders of Nigerian online logistics startup Africa Courier Express ( ACE ), Lidya aims to improve access to credit and finance for Africans by using technology to help individuals open accounts, build credit profiles and access credit. The US$1.25 million funding round was...