Kiakia, an online digital lending platform has introduced an artificial intelligence, Mr. K, an efficient model of alternative credit scoring and lending that will reduce the interest rate for unsecured loans.
Co-founder of Kiakia, Abiola Olajide explained that the machine will usher in a new era of alternative credit scoring and risk assessment, customer service, direct and peer to peer lending that is driven by data analytics, machine learning and artificial intelligence from a single platform and through a very friendly interface and end to end user experience.
He added that Mr. K will bring in a new vista of opportunities of financial inclusiveness for millions of Africa’s financially underserved.
“We promise our existing and prospective users a new era of responsible access to capital. Access to capital that is geared at liberating them financially, helping small businesses differentiate and grow, rather than sinking them under the crushing weight of debt. Credible users will always be gold to us as they have been over the last one year”, he said.
Olajide said that Kiakia’s platform offers the most competitive interest rates for unsecured loans from between 8% to 24% for 30 days, depending on the borrower’s Kiakia proprietary credit rating.
“Our competitors have a going rate of 30% flat for 30 days. In fact, 80% of our high scoring borrowers access these same loans at between 7.5% and 15% as against the 30% of our competitors.
“KiaKia is also the only lender that offers duration flexibility, in that borrowers could choose the exact number of days between 7 and 60days for short-term loans and are charged interest only for such number of days, unlike others who charge flat rates.
“Through our peer-to-peer, we have been able to connect credible borrowers with lenders offering loans as low as 5.5% interest rate for longer tenured loans”, he said.