Nigerian fintech KiaKia launches P2P lending investment app
Nigerian fintech start-up, KiaKia, has launched a lending investment mobile app that allows users to invest in the funding of secured personal and business loans originated, underwritten and booked by the start-up, and earn interest income, as reported on Disrupt Africa.
Launched in 2016, KiaKia makes direct and peer-to-peer (P2P) consumer and small and medium-sized enterprises (SME) loans accessible and obtainable for underbanked and unbanked Nigerians through its online proprietary credit scoring and risk assessment algorithm.
Since launching, the company has facilitated, structured, originated and disbursed over NGN 4.5 billion ($12.4 million) as personal and business loans to individuals and micro, small and medium enterprises across Nigeria. Until this announcement, its P2P lending investment service has been exclusive to high-income individuals, but KiaKia is opening it up to any individual with a legitimate source of funds via its new app.
The app, which is simple to use, secure, and offers a Halal option, was created in response to growing demand from both businesses and funders. Olajide Abiola, KiaKia co-founder and chief executive officer (CEO), says a P2P lending and investment platform like KiaKia was optimised to deliver value.
“Traditional financial institutions alone cannot meet the credit needs of economically active individuals and the real sector. This is why there is the need to ethically and creatively leverage crowd resources to bridge this critical gap,” says Abiola.
“What we have done is to simply reimagine systems that have worked for other societies and adapt the same to our unique social and economic dynamics and realities, riding on the record and strength of performance in the past four years.”
The app is available in the Google Play Store, and KiaKia hopes to release the iOS version in the next two weeks.