Description

Traditional finance in Africa isn’t serving everyone 2.5B+ people across the world lack access to formal credit and face financial exclusion, which has created a $360B credit gap in Africa alone. Traditional lenders cannot scale SME lending due to poor customer experiences, poor credit capabilities and overall limited reach. There is now a massive opportunity for developments in mobile technology to improve financial inclusion in Africa. Asaak discovered a unique initial foothold in the mobility sector: gig workers, in particular ride hailing app drivers. In Africa, these drivers operate motorcycle taxis (known locally as boda bodas) rather than cars.