NewTech Friday: AFRICRED – Developing strategies for financial inclusion in Africa
AFRICRED was among the firms selected for the LHOFT 2022 Catapult Inclusion Africa Program. Stanley Mungwe, AFRICRED’s COO, tells us more about the Malian fintech firm and how it assists microfinance institutions, insurance companies and MSMEs in their digital transformation.
AFRICRED was among the firms selected for the LHOFT 2022 Catapult Inclusion Africa Program. Stanley Mungwe, AFRICRED’s COO, tells us more about the Malian fintech firm and how it assists microfinance institutions, insurance companies and MSMEs in their digital transformation.
Stanley, before we get started, let's do a video pitch for our very busy readers who don't have time to read. Can you introduce AFRICRED in less than a minute?
What led to the creation of AFRICRED?
Small traders often don't have access to capital because of lack of collateral – AFRICRED was created to address this problem.
Could you present AFRICRED’s offer?
As a microfinance institution that leverages technology, we provide capital to small traders in a way that secures investors without collateral.
Our Daily Payback Microloans to micro and small traders provide them working capital fast, without the need for collateral. Paying off the loan every day from their sales, coupled with loans insurance and daily obligatory savings, provides the security required by credit providers while simplifying cashflow management for small traders.
What's coming next for AFRICRED?
As a digital microfinance institution, we are raising $5 million to reach more people and get them out of poverty. We plan to complete the fundraising round end of April 2023.
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