It’s about two years that Nigeria’s premier peer-to-peer lending platform, Kiakia was launched. A beta web version of the service hit the market after few weeks of false starts in the first week of July.
Within that period, KiaKia has recorded 10 marketing milestones that have made the firm the toast of the fintech industry. SEYE JOSEPH traces these milestones:
- Kiakia is the first fintech to give loans above N200,000 ($547) to borrowers virtually and remotely without any paper work or physical meetings. It notches higher by granting loan size ranges of N250,000 ($685), N500,000 ($1400), N1,000,000 ($2700), N1,500,000 ($4100) and N2,000,000 ($5,500), entirely online and in real time.
- The company pioneered real-time, same day loan application and disbursement in Nigeria. Others deliver micro-loans in 24 to 48 hours. Kiakia delivers same day, between 15 minutes to 2 hours depending on loan size and borrower digital suaveness.
- Promoters of Kiakia had to bootstrap its entrance into the competitive financial market by tapping into their personal savings.
- It has a unique model of risk assessments and landings built around the behavioural and cultural peculiarities of average African consumers to deliver a truly feasible, workable and functionality.
- It has granted millions of naira in loans to hundreds of borrowers across 22 states with a loss, default ratio of below 2.3%
- It leveraged technology as an enabler to provide lending to people irrespective of their background, ethnic, state.
- It uses relevant, quantitative and qualitative data to build the right datasets for an efficient and effective predictive and risk assessment algorithm.
- Its algorithm could identify and determine borrower character and creditworthiness.
- KiaKia’s growth is mainly organically with the aggregate marketing, sales, adverts and publicity spends less than $1,500 per annum.
- It has just implemented Mr. K, an artificial intelligence and machine learning alternative credit scoring, customer service, direct and P2P lending virtual agent that reduce Interest rate for unsecured Loans.