While only 34% of adults in Sub Saharan Africa have bank accounts, 68% have mobile phones. iziFin enables the unbanked to access financial services via mobile SMS, as well as a smart phone app, or an internet web browser. Users will be able to monitor account activity, purchase products and services, make money transfers, and cash withdrawals.
A major challenge faced by the unbanked is the inaccessibility to build credit rating, there by further excluding them from credit-based financial services. iziFin will empower the unbanked to monitor and build a reputable credit history. This will allow them to access credit via their iziFin account or other credit lenders.
Microfinance banks have tried to bridge the gap to offer services to the unbanked. A key challenge hindering their scalability is the high cost of collating data on their clients. iziFin solves this by using a data driven peer-to-peer validation solution, enabling user’s data to be validated by other members in their community.
By applying credit-rating and peer to peer validation information to our proprietary decision engine, iziFin unlocks access to credit for the unbanked, enabling users to borrow money at a level they can manage.
iziFin is in early development, aiming to build a solution to tackle financial inclusions in Sub Saharan Africa. To accelerate our journey to market, we’re seeking seed investment from investors who share our passion for FinTech and it’s ability to improve people’s lives.