Meet our target group. 2.5 billion people live in rural areas and those 2.5 billion people don’t have a bank account. 80% of these 2.5 billion people have a cell phone. For these 2 billion people an initial mobile loan is of vital importance, the mobile loans are a primary need!
From Brick-lending to Mobile-lending.
Shortly after we started offering micro loans, we focused on mobile loans. At the beginning we only accepted mobile banking to pay off loans. This quickly evolved into the mobile Afriwallet, where the repayment wasn’t the only thing done by Mobile Money, but the application of the credit itself as well.
Mobile banking, the new way of banking.
We use software which people without access to financial institutions can use on their cell phone to apply for a loan. This application can be used for example on an Nokia 3210. This is important since 93% of users doesn’t have a smartphone but still uses older types of phone. The system is based on an algorithm that determines the risks whether a borrower can or can’t receive a loan. This algorithm connects thousands of components and determine whether a loan application is or is not accepted.
Privacy is paramount.
All the data we use is encrypted and protected and never sold to third parties. We have strict policies in place that ensure customer data is always protected.