Utambuzi, a personal finance management product that leverages Machine Learning (ML) to trace earnings, bills and plan budgets whereas offering insights on monetary behaviour, has launched in Kenya.
Translating to ‘insights’ or ‘prognosis’ in Swahili, Utambuzi customers have entry to onboarded, verified and credible lenders, for mortgage makes use of that vary from pupil loans, refinancing loans, personal loans, residence loans, mortgage refinancing and insurance coverage.
With a platform that provides customers easy accessibility to verified lenders, and gives lenders with full info right into a borrower’s affordability with over 80 Artificial Intelligence-powered variables that show creditworthiness, Utambuzi has diminished the institutional void of data asymmetry that has plagued the credit score market and elevated entry to credit score amenities for debtors in Kenya.
Michael Collins, Periculum’s Founder and Chief Executive Officer, mentioned: “Africa wants home credit score to stimulate actual financial progress. This just isn’t solely bank-to-business credit score however it will also be personalised lending for short-term credit score in addition to purchase now, pay-later retailers.“The absence of tech-enabled credit score evaluation infrastructure has restricted the standard and amount of lending and could also be behind the danger premiums debtors should pay, and the harassment practised by predatory lenders inside the continent. The lenders and debtors, on either side, should resolve info asymmetry; lenders wish to assess creditworthiness and debtors need credit score from credible, respected lenders.”
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