As LoanBee we are building the new age tools in credit scoring and fraud mitigation to power new models of lending. We are using alternative sources of data such as mobile phone data and bio data to score a user’s credit worthiness.
We employ machine learning algorithms and statistical models that use the data available on customers’ cellphones to predict the credit worthiness. This process is automated and takes 5 minutes.
With our service we are targeting people in the informal sector in Sub-Saharan Africa. These are people and businesses that do not have bank accounts, hence they cannot be scored by the traditional existing Credit Reference Bureaus (CRB), resulting in their miss out on the benefits of credit economy such as loans, credit cards and goods and services offered on credit. This unmet financial need is at USD 19 billion in Kenya and USD 331 in Sub-Saharan Africa as per the Global Findex Database 2017.
As a company our mantra is: We are empowering people in the informal sector to participate in the credit economy.