KiaKia launches P2P moneylending investment app in Nigeria

KiaKia has launched a moneylending investment mobile application that matches borrowers with private and corporate lenders. The app allows users to invest in the funding of secured individual and enterprise loans at flexible rates.

KiaKia originally launched a peer-to-peer digital lending app in 2016 with the goal of giving people better returns on their investment and with less fear. The platform makes direct P2P consumer and SME loans available and obtainable for underbanked and unbanked Nigerians through its digital proprietary credit scoring and risk assessment algorithm.

The startup has facilitated, structured, originated, and disbursed over NGN4.5 billion as personal and business loans to individuals and MSMEs across Nigeria. Until now, it's peer-to-peer (P2P) lending investment service has been exclusive to high-income individuals, but it is now opening it up to any individual with a legitimate source of funds via its new app.

The app was developed in response to growing demand from both businesses and funders. Olajide Abiola, KiaKia co-founder and chief executive officer (CEO), said P2P lending and investment platform like KiaKia was optimized to deliver value. 

“We offer the opportunity to put your money to work, by efficiently aggregating funds, carefully matching and securely disbursing them to credit-worthy borrowers, allowing lenders and funders to directly enjoy interests and profit sharing,” he said. 

“Traditional financial institutions alone cannot meet the credit needs of economically active individuals and the real sector. This is why there is the need to ethically and creatively leverage crowd resources to bridge this critical gap. What we have done is to simply reimagine systems that have worked for other societies and adapt the same to our unique social and economic dynamics and realities, riding on the record and strength of performance in the past four years.”

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