M a r k e t N e w s

Kenya: Frankfurt Firm Gives Small Loans Locally

Posted on : Saturday, 17th September 2016

 A Frankfurt Stock Exchange-listed company, MyBucks, has started advancing loans to informal sector workers in Kenya through mobile phones.

 
GetBucks Kenya is advancing loans of between Sh455 (€4) and Sh4,556 (€40) at a 12.67 per cent interest rate with re-payment period of six days.
 
Borrowers are required to have an M-Pesa account and an active Facebook account which MyBucks will use to evaluate credit risk and assess fraud.
 
MyBucks entered the Kenyan market in July after buying out for Sh250 million Opportunity International, a micro lender and aid organisation that gives funding to businesses that are regarded too small by traditional banks to qualify for credit. MyBucks currently has a network of 12 branches in Kenya.
 
"Ultimately the app is aimed at Kenyans who have largely been ignored by traditional banks, as well as those in remote rural areas who have, to date, no access to traditional financial services. Haraka makes use of advanced AI technology that enables it to use the client's M-Pesa transaction history to calculate affordability, while the data from their Facebook platform is used to evaluate fraud and credit risk," said MyBucks CEO Dave van Niekerk.
 
Mobile-phone-based financial solutions and innovations continue to bridge the gap between the banked and unbanked people in Africa.

Source : allafrica.com
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