Alternative Circle has joined Finance Indaba 2017 as a silver partner and will make its second showing at the event at the Sandton Convention Centre in October.
- Finance professionals and accountants register for the Finance Indaba for free with code FB2017!
Alternative Circle, founded by Kevin Mutiso (CEO) and Anthony Karuiki (CXO) in 2016, was started with a dream of revolutionising the financial technology industry globally.
The company's first product, Shika App, a micro-lending mobile application was created to solve the problem of individuals unable to access loans since they lacked a credit history. Shika delivers loans to a users mobile money account in 180 seconds on the first loan, and in less than 60 seconds on all subsequent loans.
On the back-end of the application Alternative Circle has built a credit rating algorithm called B.E.E (Business Evaluation Engine). It looks at over 2 000 data points, including local Credit Reference Bureau and behavioural data. The credit rating is done in less than 60 seconds. The loans are between $5 and $200 and a facilitation fee of 15% on the first loan is currently charged. As B.E.E obtains more KYC (Know Your Customer) information, this fee will reduce. The application was also built with financial institutions in mind. These institutions need new channels to disburse micro-loans since they have no human capital or the infrastructure to give out micro=loans.
Alternative Circle has partnered with financial institutions, filling in that gap by letting it's customers without a credit history access loans in a fast an easy way. These loans enables these individuals create a credit history that can be used to obtained bigger loans from financial institutions. Alternative Circle's target is to reach 1 million active users in 18 months.
The Finance Indaba is the biggest annual event on the continent for financial managers and specialists who are seeking partnerships to drive progress. Thousands of delegates will gain valuable insights into realising financial performance and growth, becoming more efficient and accessing funding, among a host of other opportunities from leading players in financial services.
