Syntellect, an India-based global fintech business specialized on affordable housing solutions, is expanding its presence in Kenya through a strategic agreement with Kenya Women Microfinance Bank PLC (KWFT), a well-known East African microfinance lender. This cooperation is an important step toward empowering underprivileged communities and increasing financial inclusion.
RightProfile, a game-changing technology from Syntellect, is transforming consumer profiling and loan underwriting. It provides lenders throughout the world with crucial information on the creditworthiness of underserved, unbanked, and low-income client sectors. As Syntellect moves into the Kenyan market, it focuses on understanding the critical housing infrastructure and the problems lenders encounter in lending to underbanked communities in Kenya.
According to Grand View Research, the worldwide quick loans market reached $11.71 billion in 2020 and is expected to increase at a rate of 24.8% per year from 2021 to 2028. Because of its large unbanked population, East Africa, especially Kenya, has emerged as a hotspot for quick lending. According to the World Bank, just 27.6% of people in Kenya have official financial accounts, mirroring the situation in other African nations.
Sumedha Salunkhe Naik, CEO of Syntellect, stated about the partnership, "After a year of unwavering commitment to the Kenyan market, we eagerly anticipate making a profound impact on the lives of KWFT's customer base of 800,000 individuals, particularly those in rural areas, where 80% of their clients are located." Our objective with RightProfileTM is to pave the road for financial inclusion and enable people to design a better future for themselves and their family."
"At Syntellect, our approach to partnerships is deeply rooted in engaging with our clients beyond standardized solutions," she adds. We make every effort to comprehend their business concepts, difficulties, and group dynamics. This personalized approach, along with our cutting-edge technology, enables us to design intelligent underwriting solutions suited to our clients' specific needs."
"We are thrilled to partner with Syntellect to further our mission of shaping a brighter future for underbanked communities here in Kenya," stated Mr Kibet Kipkemoi, Director of ICT and Bank Operations at KWFT. We hope to make a significant and positive difference in the lives of countless families by employing women as our entrance point into the region. This collaboration is in line with our objective of financial empowerment and bettering the lives of people we serve. It's more than simply a cooperation; it's a shared commitment to building a brighter future for Kenyans."
