WHAT CAN WE EXPECT FROM YOUR PITCH AT IFGS?
We will be demoing FINT, Africa’s first peer-to-peer lending platform designed by Africans for Africa. Currently 95% of the Nigerian population cannot access consumer loans to pay for basic needs like healthcare, shelter, education etc. The primary providers of these loans are the banks and micro finance institutions. But, 80% of Nigerians do not view banks as loan providers and 90% have never taken a loan and for good cause as banks see a lot of consumer loans as economically unviable especially now that Nigeria is in a recession, while the micro finance institutions require individuals to undergo a tedious and inefficient application process before issuing loans that require 48% to 60% interest repayment annually. Nigeria represents a microcosm of the problem of access to credit that exists within the greater African landscape. FINT matches investors looking for competitive returns to credit-worthy borrowers searching for the most attractive rates possible.
WHERE DO YOU SEE YOUR COMPANY IN 5 YEARS TIME?
In 5 years, Kraneum, via FINT, would have financially empowered millions of Africans through $100 million in consumer loans.
- EMEA (excluding UK)
- Financial Institutions