Lending , Banking , FinTech StartUps 03:31 pm
SG NewTech, a Kenya-based tech services company and subsidiary of Software Group, has won an award for ‘Best in MEA’ at Finastra’s Global Hackathon “Hack the Future” for its latest project,
Banking4U, designed to provide quick and easy access to bank loans.
Created by SG NewTech employees, Faith Kangichu and Yonah Ochieng, the winning Banking4U App uses customers’ mobile money transaction data to determine loan eligibility. The App rates and scores potential loan applicants using simple, easy to use scoring models to determine the amount they can qualify for borrowing. If the system certifies the customer s eligibility for a loan, he/she is provided with fast and easy access to financial services without requiring a bank account.