Meet Akiba Digital, a fintech pioneer founded in 2017, aiming to put a dent in the traditional credit scoring model that failed to recognise nearly 80% of small businesses and individuals across Africa.
Look, we all know the conventional credit scoring system has its limitations. It’s like judging someone’s driving skills by checking if they’ve ever had a parking ticket. Akiba Digital is flipping the script using alternative datasets—from your social media engagements to your online shopping behaviour—to form a more holistic view of creditworthiness.
So, who’s betting on this game-changer? Akiba Digital has recently secured a $1.1 million pre-seed funding round. The investment circle includes Expert DOJO and Oui Capital and even features a former PayPal executive. It’s not pocket change; it’s fuel to propel Akiba into capturing a larger slice of the South African market and linking over 20,000 SMEs to prospective lenders.
Now, let’s talk about the captain steering this ship—Mokwena. With a multidisciplinary academic background from the University of Cape Town and the University of California (Los Angeles), Mokwena has crafted a vision layered in his educational portfolio. He’s striving to build an alternative credit scoring mechanism as a financial lifeline for those left out in the cold.
What makes Akiba Digital truly captivating is its broader mission. This isn’t just about business; it’s about societal transformation. They’re committed to inclusivity and wielding technology to tackle Africa’s financial challenges. By democratising access to credit, they’re not just a startup but a catalyst for change.
Akiba Digital is a compelling illustration of fintech’s transformative power in Africa. It offers a fresh lens to look at credit and financial inclusion, injecting much-needed dynamism into the market.
So there you have it. Akiba Digital is one to watch as it disrupts the age-old traditions of financial crediting, and we’re keen to see where this trail leads.