Fintech firms MyBucks and Bibimoney Global have formed a joint venture (JV) to offer microloans to the African market.
The JV will leverage Bibimoney SIM-Skin technology and the MyBucks Artificial Intelligence (AI)-based credit scoring technology to offer the microloans.
How will the JV offer microloans?
A new form of hardware, SIM-Skins comprise a thin plastic membrane that can be attached to a mobile phone SIM card.
Once attached, it will enable the Bibimoney application to operate on any mobile device including feature phones.
The application will also offer an interoperable mobile wallet enabling the customer to receive and deposit funds.
Additionally, they can use the wallet for P2P payments, bill payments as well as apply, receive and repay microloans.
Under the JV, MyBucks will provide the credit-score the mobile wallet users who have applied for the loans.
It will also install other accessible value-added financial products and services into the mobile wallets.
In addition, the respective MyBucks subsidiary for each market will ensure that all regulatory requirements are fulfilled.
Both the companies will share the profits received through the initiative.
MyBucks executive chairman Dave Van Niekerk said: “MyBucks has built its business across three continents by providing reliable and smart technology-driven financial solutions. Bibimoney’s SIM-Skin brings more patented technology into the mix.
“Through our partnership and by leveraging our companies’ networks and infrastructure, will enable us to provide even more attractive and competitive products to the market.”
Bibimoney CEO Shiraz Jessa said: “Like us, MyBucks is an innovative FinTech company, and we believe our unique and powerful technology will enable both partners to enjoy significant returns as we provide a highly competitive service.