Today was episode #3 of African Tech News. Hosted by Owuraku Sarpong and me.
You can join us live every Tuesday at 7 PM (Ghana) / 8 PM (Nigeria) / 10 PM (Kenya) / 12 PM (Los Angeles) / 3 PM (New York).
Today we spoke to Fido Micro Credit's Sebastian Quansah Deputy General Manager and Head of Operations.
An incredibly impactful company based in Accra, Ghana. Having reached 1 million loans to the underbanked.
Key takeaway from today's discussion was that their company initially began manually approving and disbursing loans. Now seven years in, they can approve a micro-loan to an individual with no credit history on average within 1-minute.
This has been accomplished through strategic partnerships with the likes of MTN and more.
We also learned that the repayment rate is high. And rather than using credit history they use a proprietary algorithm to determine credit worthiness. And report repayments on their platform to credit bureaus. Enabling the underbanked to establish a credit history.
This is all done without auto-debiting individual accounts for repayment. And Fido nearly never declines a loan.
Hats off to Fido Credit for aligning profit and purpose.
For the recording of today's and previous live sessions visit here: anchor.fm/african-tech-news. Note that the recordings are posted a few days after the live session.
See you next Tuesday at 7 PM (Ghana) / 8 PM (Nigeria) / 10 PM (Kenya) / 12 PM (Los Angeles) / 3 PM (New York).
If you are African descent and would like to be featured by African Tech News you can email me at farah@hey.com. Or DM Owuraku or me.
Additional places to find us:
Hosts
You can join us live every Tuesday at 7 PM (Ghana) / 8 PM (Nigeria) / 10 PM (Kenya) / 12 PM (Los Angeles) / 3 PM (New York).
Today we spoke to Fido Micro Credit's Sebastian Quansah Deputy General Manager and Head of Operations.
An incredibly impactful company based in Accra, Ghana. Having reached 1 million loans to the underbanked.
Key takeaway from today's discussion was that their company initially began manually approving and disbursing loans. Now seven years in, they can approve a micro-loan to an individual with no credit history on average within 1-minute.
This has been accomplished through strategic partnerships with the likes of MTN and more.
We also learned that the repayment rate is high. And rather than using credit history they use a proprietary algorithm to determine credit worthiness. And report repayments on their platform to credit bureaus. Enabling the underbanked to establish a credit history.
This is all done without auto-debiting individual accounts for repayment. And Fido nearly never declines a loan.
Hats off to Fido Credit for aligning profit and purpose.
For the recording of today's and previous live sessions visit here: anchor.fm/african-tech-news. Note that the recordings are posted a few days after the live session.
See you next Tuesday at 7 PM (Ghana) / 8 PM (Nigeria) / 10 PM (Kenya) / 12 PM (Los Angeles) / 3 PM (New York).
If you are African descent and would like to be featured by African Tech News you can email me at farah@hey.com. Or DM Owuraku or me.
Additional places to find us:
Hosts
Livestreams
Recordings