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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

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...
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...
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...
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...
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.
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...
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.
Middle East: Can the crowd fund Gulf SMEs?
Beehive and Eureeca are using online crowdfunding to raise debt and equity for small businesses in the Middle East. Becoming regulated will allow them to grow rapidly. In time, they could eat the banks’ lunch, or the banks just might swallow them.
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 (...