Companies offering financial services are hot targets for fraud, especially in the digital era. Traditional credit scoring methods are no longer as reliable as they used to be and, used in isolation, they no longer provide an accurate reflection of borrowers’ legitimacy and creditworthiness.
The problem with the traditional system is that a significant part of the population has an insufficient or non-existent credit history, which is a common barrier for many borrowers. To get over this hurdle, lenders are now turning to alternative data as a means to perform better credit scoring.
With alternative data, credit-invisible consumers have improved chances of obtaining a loan.
Akiba Digital, a South African based company, helps small businesses access funding using alternative data. Their services include credit scoring, affordability analysis, actionable insights and lending intelligence for lenders. Clients can expect a seamless and automated experience when applying for funding to grow their business. The company’s aim is to digitise the lending value chain so that lenders can reduce lending risk and grow their customer base.
Akiba’s financial health tool, Insyts, is free and through it the company aims to provide financing opportunities to 80% of excluded Africans.
Insyts is a financial health tool that enables SMEs to access better financing from Akiba’s lending partners. Small Businesses can sign up to the platform for free and get access to actionable insights on how to improve their business, their credit score, set financial goals and access different lending options from our lending partners.
Akiba Digital Rebuild Initiative
In line with it’s core values of helping small businesses grow by unlocking financing opportunities, Akiba Digital launched a Rebuild Campaign on Mandela Day that will run until the end of August to help 67 small businesses affected by the unrests that went on in July across the country as well as those businesses that have been struggling to survive because of the lockdown. Through this initiative small businesses are eligible for a zero interest rated business loan from it’s lending partners with the whole process of loan application being facilitated by Akiba.
Akiba Digital Rebuild Initiative eligibility:
In order to qualify for the Rebuild Initiative and get a zero interest rated business loan courtesy of Akiba Digital you will need to provide the following :
- CIPC certificate
- Business bank statement ( at least 3 months)
- Monthly turnover
- Copy of ID of the Director/Owner
- Duration of operation of your business
- Amount of funds required
Once compiled, send the information to email@example.com and Akiba will send the information to the lending partners who are part of this initiative who will then be in touch to discuss next steps in accessing the loan.