A Fintech company, KiaKia Bits Ltd., says it disbursed over N1.2 billion loans to individuals, Micro, Small and Medium Enterprises within three years of its operations.
Its Co-founder, Olajide Abiola, who made this known at a press briefing on Monday in Lagos, said that KiaKia utilised big data, machine learning and artificial intelligence to deliver credit services to individuals and MSMEs across Nigeria.
According to him, financial inclusion is a critical driver of economic growth. He said that access to financial services has been proven to empower people and enable businesses to reach a larger market.
Abiola said that the company’s peer-to-peer (P2P) lending platform allows individuals and corporates earn interest income from indirectly issued loans, while maintaining a two per cent interest on non-performing loan.
The peer-to-peer (P2P) lending is the practice of lending money to individuals or businesses through online services that match lenders with borrowers.
“KiaKia has over 75,000 registered users across the country, and 35 lenders across three continents (Russia, Qatar, UK and the United States of America),’’ he said.