The pilot has secured access to finance for customers who would otherwise struggle to obtain it elsewhere. These cash loans will help to significantly support people, from improving financial capacities to invest in businesses like farming to paying school fees, medical emergencies, among other uses. Bboxx acts as the platform between the customer and the lender, using its platform Bboxx Pulse® and its credit scoring algorithm capabilities to identify customers that may require a loan.
Bboxx has partnered with a Kenyan Fintech company, a financial services provider to conduct this pilot. Since the launch of the pilot, Bboxx has recorded a repayment rate of 80% and a low NPL (Non-Performing Loans) at 2%. This is a positive indication of what can be expected when scale happens.
Read more: IT News Africa