Bboxx has partnered with a Kenyan Fintech company to offer cash loans and affordable financial services in a pilot aimed at positively transforming lives in the country.
Bboxx is a next-generation utility, transforming lives and unlocking potential through access to energy. Bboxx manufactures, distributes and finances decentralised solar powered systems in developing countries.
The pilot has secured access to finance for customers who would otherwise struggle to obtain it elsewhere. These cash loans will help to significantly support people, from improving financial capacities to investing in businesses like farming to paying school fees, medical emergencies, among other uses.
“We believe that technology is the key to unlocking inclusive and sustainable development in Africa. The launch of our latest cash loans pilot in Kenya is part of our wider strategy to continually innovate and to promote financial inclusion throughout Sub-Saharan Africa. There is a significant untapped market opportunity here to enable people who have been previously unfairly cut off from finance to reach their full potential.”said Bboxx CEO and Co-Founder, Mansoor Hamayun.
Bboxx acts as the platform between the customer and the lender, using its platform Bboxx Pulse® and its credit scoring algorithm capabilities to identify customers that may require a loan. Bboxx has partnered with a Kenyan Fintech company, a financial services provider to conduct this pilot. Since the launch of the pilot, Bboxx has recorded a repayment rate of 80% and a low NPL (Non-Performing Loans) at 2%. This is a positive indication of what can be expected when scale happens.
