Pocket Money is a digital lending marketplace determined to transform the financial fortunes of borrowers in Africa by pioneering a ‘cyclic’ lending system that will provide a breath of fresh air even to potential borrowers who had previously been ‘rejected’ by lenders within Pocket Money’s ecosystem.
To address this challenge, Pocket Money has come up with a marketplace that offers a multi-layered solution that ensures that the borrower is introduced to various potential lenders, offering more alternatives that provide the likelihood of a borrower to finally access the loan in the long run.
According to CEO and Co-Founder of Pocket Money, Stefano Virgili, the new marketplace seeks to expand Africa’s financial ecosystem to have a real impact on financial inclusion on the continent. Pocket Money not only benefits lenders, borrowers and investors; it also helps borrowers to pay back their loans through the use of innovative interoperability payment systems.
Through the new technology, a borrower’s application is circulated through other lenders globally to increase the likelihood of getting a loan. The system ensures that the lender who wins the bid is the one offering the lowest interest, enabling borrowers to have access to competitive repayment rates.
Over the past few years, there has been a proliferation of new fintech models, offering alternative financial solutions to the conventional set-ups, more so in the lending sub-sector in Africa. New horizons in the African financial industry are evident with new trends gaining strong traction especially through peer-to-peer (P2P) models-allowing such distinct niches as consumers, SMEs and other borrowers who were hitherto ignored by conventional lenders to access loans more efficiently and expeditiously via digital lending technology.