Afroteller is a Fintech company specializing in peer to peer lending which summarily involves matching borrowers and lenders. While Peer to peer lending platforms have existed in the different parts of the world, (North America and Europe notable) they are a relatively new concept in Africa.
The loans market in Uganda is currently dominated by Banks, micro finance institutions, freelance money lender and SACCO’s.
Afroteller offers borrowers a simple loan application process with a rapid decision process, transparency, low interest and a flexible portal for monitoring their repayments and outstanding commitments.
“Our services shall be entirely offered using a dedicated Mobile application and well secured website” elaborates Martin Ariecho the Head of Loans at Afroteller.
Lenders have a platform for managing their lending and tracking the status of their investments, performing withdraws (via Mobile money or Bank services) and different investment intelligent tools. Afroteller lenders can be individuals or institutions.
The company outlines the loans application process as below;
- A potential borrower interested in obtaining a loan completes an online application on the platform or directly signs up with Afroteller’s agents that are available country-wide.
- The applicants risk and credit rating is determined by the loans officer or agent
- The applicants loan product posted on the Afroteller platform upon meeting the set criteria.
- Multiple investors selecting from different choices of loans fund the loan product on crowd basis till the principal amount is filled.
- The applicants account is rapidly funded (Less than 48 hours).
- The borrower is responsible for paying the periodic monthly installments