FairMoney partners with Oradian to accelerate market growth

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By Leandra Monteiro

Today

  • Africa
  • Asia
  • Digital Loan

FairMoney, a credit-focused mobile banking platform for emerging markets in Africa and Asia, has partnered with oradiana cloud-based core banking system, to fuel its next stage of growth and product innovation.

FairMoney chose Oradian for three reasons. First, their ability to integrate solutions to these market challenges into their architecture. Second, their ability to support FairMoney’s growing business, unique credit reporting capabilities and product innovation. Third, the “plug and play” nature of Oradian’s solution, which requires little basic investment in the backend

Venture capital investment growth in African start-ups reached US$2bn (£1.74bn) in 2021, of which US$1bn (£0.87bn) was channeled to FinTech companies, reaffirming the demand for flexible financial infrastructure on the African continent.

Traditional banks have been hesitant to offer microloans to businesses and consumers without collateral, but it is widely recognized that this group has the greatest need and the greatest potential for growth.

At the same time, emerging markets in Africa and Asia are hungry for financial services that provide both consumer loans and working capital. This has created a great opportunity for companies able to act quickly and take advantage of recent technological advances in emerging markets, such as the shift to cloud banking.

FairMoney has succeeded in fulfilling this mission: the company has become the leading credit-focused digital financial institution in Nigeria two years after its incorporation.

“To be able to innovate quickly, with products the market needs, while being compliant with changing regulations in very different markets, requires a different breed of core system,” commented Antonio Separovic, CEO of Oradian.

“All of these challenges are real and everyday in the back office, unseen by customers and often taken for granted. However, we know that working with a wide range of financial clients, these challenges are very real and, in some cases, insurmountable without the right technology and an expert partner.

Also commenting on the development, Laurin Hainy, CEO of FairMoney said, “Our ultimate goal remains to close the financial inclusion gap in emerging economies, and we understand the power of collaboration and partnerships to make this happen.

“Since FairMoney’s inception, we have continued to serve our current markets with great financial products, providing much-needed access to credit and making essential banking services available to ordinary people.”

“We decided to partner with Oradian to leverage the already existing infrastructure and trust system performance to adapt our solutions to new markets where they are needed and to perfect existing offerings in our current markets.”

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