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.
