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What we believe

This is a statement from the FinAcess report* that we feel summarizes the digital credit industry in Kenya and Africa as a whole.

“Since [..] 2012, the number of digital lenders and loans disbursed has grown substantially in Kenya. Advances in credit scoring, few regulatory barriers and the widespread use of mobile phones and mobile money have enabled growth of the digital lending industry, giving borrowers a quick and convenient option for credit. However, industry practices around pricing, marketing and debt collection have raised concerns. In addition, the widespread negative listing of digital borrowers in credit reference bureaus points to the difficulty many borrowers have in repaying digital loans.

The latest FinAccess survey conducted between October and November of 2018 found that 13.6 percent of adults (18+) nationally (3.42 million adults) had used a digital (mobile banking or app) loan in the year prior to the interview. To put this into context, consider that 9 percent of adults reported using a traditional loan from a bank or non-bank financial intermediary and 45 percent of adults reported using a loan from informal sources such as friends or a community savings group in the past year.”

 

Tribbe is starting by focusing on the 45 percent of adults using a loan from informal sources such as friends or a community savings group in the past year. This is because they are out of options that work for them. They really never had any options working in their favor.

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Our Vision for Tribbe

Across Africa, the average size of digital loans is KShs 2,500 ($25). THe number of loans per moth can be 10 to 13. These digital loans are predominantly fast-fund loans; short-term,  day-to-day household needs (44 %) or emergencies (29%) with utility bills and school fees taking the third and fourth place respectively.

Tribbe will be built to work with African country-specific mobile money platforms or debit/credit cards and will incorporate international payment integrators to create a continental peer-to-peer bridge to finance. The app will serve the fast-fund segment targeting the $25 group with a maximum borrowing total of $400 from a users social circles and $200 per lender. This limits lender exposure and helps keep default rate impact to a minimum.

Select a country here to see what mobile money platforms Tribbe will support in the coming months. Our goal is to be the peer-to-peer marketplace for the Continent of Africa.

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Get in Touch

Would you like to work with us? We’re hiring and would love to hear about you. We are also partnership-hungry and would be happy to work with you if you are on the continent and interested in working together. We’d love to hear about it. Take five minutes to fill out our contact form.

Visit Us:

9 Riara | 139 Village Market - 00621 | Nairobi Kenya

Email Us:

hello@tribbe.io

Phone Us:

+254 722 682682

Drop Us a Line

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