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    Innovation Village | Technology, Product Reviews, Business
    You are at:Home»Africa»Nigerian Fintech Startup Kiakia Launches Alternative Credit Scoring
    KIAKIA

    Nigerian Fintech Startup Kiakia Launches Alternative Credit Scoring

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    By Oluwasegun Olukotun on November 15, 2017 Africa, Artificial Intelligence, Business, Customer Service, Financial Services, Fintech, Innovation, News, Startups, Technology

    KiaKia has launched Mr.K, an artificial Intelligence (AI) and machine learning powered alternative credit scoring customer service.

    The Nigerian fintech startup makes direct and peer-to-peer consumer and SME loans accessible and obtainable for underbanked and unbanked Nigerians through its online proprietary credit scoring and risk assessment algorithm.

    KiaKia which was launched to the public in 2016 aggregates digital data and utilises machine learning, digital image forensics and psychometry to perform credit scoring and risk assessment services, to qualify and grant consumer and SME borrowers loans.

    It has now launched Mr K, aimed at driving down interest rates for unsecured loans.

    Speaking on the latest development co-founder and chief executive officer (CEO), Olajide Abiola, KiaKia said, “With the launching of Mr K, we usher in a new era of alternative credit-scoring and risk assessment, customer service, direct and peer to peer lending, powered by data analytics, machine learning and artificial intelligence, all on a single platform and through a very friendly interface and end to end user experience.

    “Through Mr.K, we are hoping to further drive down the interest rate for unsecured loans.

    “KiaKia has always offered the most competitive interest rates for unsecured loans from between 8 percent to 24 percent for 30 days, depending on the borrower’s KiaKia proprietary credit rating, while our competitors have a going rate of 30 percent flat for 30 days.”

    Speaking further on the new product, Abiola said 80 percent of KiaKia high scoring borrowers access the same loans at between 7.5 percent and 15 percent as against the 30 percent of its competitors, as well as, connecting credible borrowers with lenders offering loans as low as 5.5 percent interest rate for longer tenured loans.

    As well, Mr. K offers borrowers duration flexibility in that borrowers could choose the exact number of days between 7 and 60 days 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 percent interest rate for longer tenured loans, the managing director explained.

    “We are delighted that a year of patient, meticulous and diligent research and development has culminated in the birth of an efficient model of alternative credit scoring and lending, driven essentially by behavioral biometrics, data analytics, machine learning and Artificial Intelligence,” he added.

    Related

    Credit Scoring fintech KiaKia Mr.K nigeria
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    Oluwasegun Olukotun

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    1. Pingback: Nigerian Fintech Startup Kiakia Launches Alternative Credit Scoring - Techlator

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