Fingo Acquires 50,000 Waitlist of Customers in 24 Hours Following Launch of Digital-Only Bank
Fingo, a Kenyan fintech startup founded by Kiiru Muhoya, James da Costa, Ian Njuguna, and Gitari Tirima in 2021, is revolutionizing how African youth access financial services. The startup, backed by Y Combinator’s S21 cohort, recently raised $4 million in a seed funding round led by HOF Capital, with participation from other investors such as […]
Lessons for Fintech Founders from the 2008 Financial Crisis.
The financial crisis of 2008 brought to light many of the risks and uncertainties inherent in the world of finance. As the fintech industry continues to grow and innovate, founders must keep these lessons in mind and be vigilant and cautious in developing new products and services. One of the key takeaways from the crisis […]
KENYA CREDIT GUARANTEE SCHEME: Highlights for the period Dec 2020 – Jan 31, 2023
Micro, Small, and Medium Enterprises (MSMEs) are crucial to Kenya’s economic growth and employment generation, as emphasized in Vision 2030 and the Third Medium Term Plan (2018-2022). Kenya has over 7.4 million MSMEs, which employ about 14.9 million people in all sectors of the economy and account for approximately 40% of the country’s GDP. MSMEs […]
Digital lenders urged to increase credit access to the informal sector
“These lending institutions have helped in bridging the gap by offering credit services to small businesses who could not access credit because they lacked the credit score or banking history,”
How Fintechs’ Lobby Plans To Bring Back Sanity In Kenya’s Digital Lending Space
The establishment of the Digital Lenders Association of Kenya (DLAK), in June 2019, came at an opportune time, to help in the regulation of the digital lending sector. Over the last few years, mobile loans have become an alternative source of capital for Small Medium Enterprises (SMEs) as well as individuals, without the headache of […]
Kenya can learn digital lending lessons from the developed world
-A competitive lending market can potentially lower the costs of scoring and disbursing loans to lenders
-Digital lending proposes numerous substantial enhancements relative to traditional credit
Outlook for digital lending safer with ethical measures
The existence of alternative lending dates back in time, and the digital lending industry is an offshoot of traditional credit sources that included friends, workmates and relatives. There are extra benefits to using digital services to access credit as they are not only instant and efficient, but they also increase the opportunities of accessing money for small and family business owners.