Absa, RainFin and Rise Africa Help Rein in Loan CostsMar 1, 2016 RainFin In the news RainFin , SME
Barclays Africa is looking to cut the costs incurred advancing loans to SMEs by using the online platform RainFin to facilitate unsecured lending online.
Barclays owns a 49% share in RainFin. The partnership, formed in 2014, has been a success and is now being used to allow Absa to advance loans to SMEs in a faster and cheaper way through the platform.
Barclays will compete with 300 other lenders to fund loans on the online credit marketplace.
Absa Bank has around 350,000 small-to-medium sized enterprises who could apply for fast loan facilitation through RainFin, according to Paul Nel, Head of Open Innovation, Barclays Africa Group.
“We want to be able to take financial services to a different level from where we have been,” Mr Nel said. “It’s really is about bringing something innovative to the market.”
Phakamisa Ndzamela from Business Day Live discusses more in his article on the partnership between RainFin and Barclays Africa. Read more here.