Akiba Digital Partners with Stitch to Verify and Onboard Users in Seconds

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22 March 2022

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Author: Oscar Cele

Akiba Digital, a fintech that connects small and medium-sized enterprises (SMEs) to financiers through embedded lending solutions and alternative credit scoring, has announced a strategic partnership with API fintech Stitch. Stitch makes it easier for businesses in Africa to launch, optimise and scale more user-friendly, innovative and inclusive digital finance products, at lower costs compared to its competitors.

"At Akiba Digital, we are on a mission to unlock financing for SME segments that have been excluded before purely for lacking a formal history of credit. We do this through our Alternative Credit Scoring infrastructure that makes it easy for lenders to vet SME borrowers and make quicker and more effective lending decisions. Our partnership with Stitch is allowing us to access bank account data, with SMEs’ consent, to get a deeper understanding of their financial health in order to connect them to the relevant financing, much quicker." said Tebogo Mokwena, co-founder and CEO at Akiba Digital.

Akiba Digital has integrated the Stitch Financial Data API to onboard users onto the Akiba Digital platform and verify them in seconds, as well as to eliminate any instances of fraud for the over 4 000 SMEs registered. Akiba Digital plans to utilize the technology to easily validate business information and personal identity; review applicants’ business financial data and affordability in less than 5 minutes. In the near future, they’ll also integrate Stitch payments to enable secure and instant bank-to-bank payments.

“At Akiba Digital, we value simplicity with all our solutions. This partnership is exciting for the business as we will now offer a seamless integration of our client’s data, with high security. Using Stitch’s technology and our Gugu engine, we will deliver the power of big data through insights.” said Tariro Mukute, CTO at Akiba Digital.

“We’re excited to work with the Akiba Digital team to power easier access to essential capital for previously excluded SMEs on the continent. With Stitch Financial Data, the Akiba Digital team can get a fast and accurate overview of their customers’ financial health, so they can offer more tailored recommendations. We look forward to also enabling seamless and secure bank to bank payments for Akiba Digital customers in the near future." said Stitch co-founder and CPO Junaid Dadan.

Media Contact: Oscar Cele Marketing Specialist oscarc@akibadigital.com www.akibadigital.com

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