Finplus hits 1 million loan disbursement mark

Finplus hits 1 million loan mark months after expanding to South Africa

Finplus, a  Software-as-a-Service (SaaS) platform that helps financial service providers reach more customers in a cheaper manner has announced that they have processed over 1 Million Loan  some 30 months (2.5 years) after founding / going live.

Highlighting its greatest achievement in the two years, Wilson Kageni, CEO Finplus said that the company had over the period helped 100,000+ Unique MSMEs and Individuals access credit, bringing the total number of borrowers who have accessed Finplus-enabled loans to 260,000+, up 70% from 2018.

In April 2019, Finplus opened an office in Johannesburg to lead its expansion into the Southern Africa market, and the startup has since gained customers in South Africa and Swaziland.

This expansion has helped it hit key milestones, with over $160M in Loan Value in 2019, up 250% from 2018. The Average Loan Size processed on Finplus grew 412% from $218 to $900 (which is a big win for MSME lending).

Bernard Banta and Wilson Kageni Finplus Founders at Nairobi Garage

Founded in 2017 by Wilson Kageni and Bernard Banta, Finplus provides fully-managed software to help financial services providers operate efficiently and scale cost-effectively in any market.

In December Finplus we highlighted that the company, had been awarded as the Most Improved Digital Financial Services Brand in Kenya at the 3rd Digital Tech Excellence Awards held in Nairobi, December 2019.

According to the World Bank, over 2 billion adults worldwide currently lack access to formal financial services. 73% of them live in 25 countries, all emerging markets across Africa, South America and South Asia.

Despite these huge number, statistics also show that are over 36,000 Financial Services Providers (FSPs), from Banks and Microfinance Institutions (MFIs) to Credit Unions (SACCOs) and Financial Services Associations (FSAs) that are all independently working towards providing both for-profit and non-profit financial services to as many people as possible.

However, they are facing several serious challenges, chief among them: Low capital efficiency, Broken processes and Underdeveloped ecosystems. We believe that these particular challenges can be overcome through innovative approaches supported by the right technologies.

So instead of re-building the wheel, Finplus combines the power of its robust digital finance technologies with the existing infrastructure of Financial Services Providers globally to accelerate progress towards the goal of universal access to financial services, with a primary focus on the 25 countries that are home to 73% of the world’s unbanked adults

As a first step towards solving this problem, Finplus provides automation software for easy management of digital finance operations at scale.

Finplus started off at Nairobi Garage and makes it easier and significantly more cost effective to provide or expand Digital Financial Services in any market by automating significant parts of a financial service provider’s front and back-office operations.

They also handle all the repetitive heavy lifting so Financial Services Providers can focus on their core business and serve as many people and businesses as possible, with universally accessible offerings and faster, more innovative service delivery methods.

With its operations in Kenya, Tanzania and Uganda Finplus software looks forward to serving over 1,000,000 people and save Financial Services over 300,000 man-hours.

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