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Kiakia disburses N1.2bn loans to MSMEs in 3 years

Industrialist wants lending rates reduced for SMES

By Oluwafunke Ishola

A Fintech company, KiaKia Bits Ltd., says it has disbursed over N1.2 billion loans to individuals, Micro, Small and Medium Enterprises within three years of its operations.

Its Co-founder, Olajide Abiola, made this known at a press briefing on Monday in Lagos.

Abiola 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 have 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 non-performing loan.

The News Agency of Nigeria (NAN) reports that 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.

According to him, the company hits a milestone, as it opens its 320 Square Metre office space in Abuja.

He said that the new office would better position it for accelerated growth through pragmatic value creation in broadening access to credit to millions of financially under-served Nigerians and businesses. (NAN)

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Source: NAN


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