Global FinTech Hackcelerator Finalist
Category: financial inclusion
SHIKA APP is a micro lending mobile application created to solve the problem of individuals unable to access loans since they lack a credit history. SHIKA delivers loans to a users mobile money account in about 180 seconds on the first loan, and in less than 60 seconds on all subsequent loans. On the back-end of the application we have built a credit-rating algorithm that we call B.E.E (Business Evaluation Engine).
It looks at over 2000 data points, including the local Credit Reference Bureau (CRB) data and behavioral data. The credit rating is done in less than 60 seconds and we are thus able to deliver the loan. The loans are between $5 and $200 and we charge a facilitation fee of 15% on the first loan and as B.E.E obtains more KYC (Know Your Customer) this fee will reduce.