Alternative Circle, a Kenyan fintech specializing in very small credit services via mobile platforms, said she did not rule out expanding in UEMOA and CEMAC countries, if ever the sector regulators financial gave him the opportunity.
“These two areas are just fascinating. The currency is stable there, the penetration rate of financial systems is low and the demand for loans, especially the smaller ones, is quite interesting. So indeed, if the regulators of these zones (UEMOA and CEMAC) agree to listen to us, we would indeed be in favor of establishing ourselves there, ”told the Ecofin Agency, Kevin Mutiso, CEO of Alternative Circle.
Fintech, which developed the Shika app, the only one in the Kenyan market to be carried by a local, received start-up support from CreditInfo, which injected the equivalent of $ 1 million. Before the end of September 2017, it is expected to formalize an agreement with two Kenyan banks, which will use its platform to provide up to $ 15 million in small loans.
Driven by Safaricom, the leader in the telecommunications sector in Kenya, and supported by local government, the e-wallet and all its derivatives have opened a door of opportunity, in the direction of financial inclusion through ICT.
For CreditInfo and Alternative Circle, it was the occasion of a winning marriage. The first had a unique opportunity to experiment with its tools for assessing the risk profile in still immature credit markets.
For Alternative Circle, it was an opportunity to develop a service whose demand is growing in Africa. The young fintech sees far. Once it has completed the mobilization of resources from the banks, it even plans to conduct a first expansion in Southeast Asia. “The regulations there are pretty close to what’s going on in Kenya,” said Alternative Circle’s communications manager.