Access to loans
Increasing access to loans is vital for people to survive and escape poverty and in reaching the No. 1 Sustainable Development Goal of No Poverty.
Every second adult in the world lacks access to formal financial services such as loans. As discussed in The Problem of Being Unbanked, financial exclusion can lock the world's poorest in poverty. This is why access to small loans to unbanked people is a key element in ending poverty is “appropriate new technology and financial services, including microfinance”. *
Jamiipay aspires to use our data on savings groups to give groups and group members access to loans. We are “reinventing credit history” by using data from savings groups meetings to build a credit history and alternative creditworthiness score.
We will partner with local banks and collaborate with them to use this data to give savings groups and eventually their members access to loans. In this way, we are creating an alternative path into the banks for the unbanked that will allow banks to serve them in a profitable and compliant way.
* UN SDG 1 - 1.4 https://sustainabledevelopment.un.org/sdg1