Changing the Game: OneFi Builds a Digital Bank for the Masses
Chijioke Dozie has figured out a way to bring credit to the underbanked in Nigeria through OneFi, a mobile lending platform. Currently, there are only 400,000 credit cards in Nigeria, a country with a population of 180 million. In Nigeria, it is really hard to get credit as banks often require collateral and a lot of documentation before they will issue a loan. “Our strategy is to be a digital bank in every country we operate,” said Dozie. OneFi borrowers can complete an application on their mobile phone and receive an answer in less than 24 hours. To determine credit worthiness, the company observes how a borrower completes the application as a sign of their likelihood to repay the loan. For 90% of borrowers, the fund transfer to their account takes place in under a minute. In 2018, OneFi started facilitating payments and bill transfers in line with its strategy to be a digital bank. The startup has global ambitions to meet the needs of the underbanked. “You have countries in West Africa, then you go into countries like Indonesia where there are significantly underbanked communities.” Currently, Southeast Asia and Latin America are future targets for the startup’s expansion efforts.
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