SMECreditPro is a new kid on the block – on the fintech scene in Cameroon – on a mission to provide startup businesses access to funding. The fintech lending institution will use various credit rating tools and its own internally aggregated data to vet loan applicants.
Loan applicants – micro, small, and medium enterprises (MSMEs) – will have to fill out online forms, and the information they provide will be cross-checked with data from other third-parties doing credit ratings.
The decision to give load by SMECreditPro will be reached on using Artificial Intelligence (AI) and Machine Learning (ML), which will be doing the actual credit ratings. The businesses that do apply for the loans will also get the following from the robo advisory service:
*A SMECreditPro 360° rating
*Financial statement
*Actionable business improvement insights
The platform is also open to sharing its data with other verified lenders, corporations, and government agencies. All in line with the spirit of credit information sharing in order for an individual money lender not to risk their money with a borrower with a history of defaulting payments.
Industry experts say that data sharing across money lending institutions, corporations, and government agencies will make more MSME get more sources of funding. As more lenders will be operating with a strong financial base. As compared to when there is a lack of information sharing, and lenders ending up giving loans to high-risk loanees. This move will also help money lending institutions make their decision faster, but at the same time safer and cost-effectively.
SMECreditPro is giving loanees the option of applying for a loan even if they have incomplete financial records, have little (if any) records with the credit bureau, and lack of collaterals.
“SMECreditPro simultaneously addresses both the demand and supply market pains by delivering comprehensive, objective credit, and financial rating information visibility that will help SMEs and lenders unlock credit access and lending growth,” said Oliver Fomunung, a co-founder and CEO of SMECreditPro.