Leap² Innovation Challenge on Fintech. Theme: Fintech.
Around 56%-60% of the population people in Kenya to do not have an access to a credit facility due to lack of credit history. Sinclare Angels Initiative wants to enable their customers to easily access loans in the shortest time possible through their App.
There are a lot of people who are unable to access a traditional banking system due to the fact that they are unbanked and underserved because they have no credit history. Many of these people are sometimes looking for some sort of credit that would enable meet an emergency, scale up their business or even capital for their business.
The founder tells: Around April 2017 I was looking for some money to help begin a business venture that I wanted start. I knew that the only way that I could get the amount of money that I was looking for was through looking for a loan from an institution. I applied to most of them & they were really asking for a lot of things as collateral which I didn't have.
After so much frustrations I then asked myself that what if I started a company that would enable those with no credit history be able to access loans within the shortest period of time.
I saw an opportunity that had not been filled by the financial institutions and after a lot research work that I had conducted, it was clear to me that there was indeed a problem. Close to 80% of those that I had interacted with were people that had no credit history at all and some were either underserved or unbanked.
With this knowledge in mind, I decided that the best thing would be to set up a digital lending company and this led to the birth of Sinclare Angels Initiative. This is a digital lending company that leverages on Artificial Intelligence to make automated credit decisions.
There is a large number of people or rather percentage of unmeet need for credit in Kenya. Traditional financial institutions to meet the needs of these people due to lack of financial data of these people. Credit facilities will help the individuals who have no credit history to be able to meet their financial needs whether it is a financial emergency, grow their business or even raising capital. These individuals are always left with choices that are always inconvenient and does not meet their unique needs.
Sinclare Angels Initiative intends to be the tool for those with no credit history in Kenya. Their aim is to maximize on Artificial Intelligence to be able to determine the financial services that they will offer our customers needs.
Their solution is a unique one since it will make everyone be on the same level and will help to improve the lives of those who have no credit history. They are developing a Mobile App that is user friendly, where an customer can download the app, sign up and be able to request for a loan as the loan is processed in the shortest time possible.