The Cooperative Bank of Oromia and Kifya Financial Technologies have partnered to launch an uncollateralised digital lending platform dubbed 'Michu.' The platform offers loans and overdraft facilities mostly catered towards providing credit access to micro, small, and medium businesses (MSMEs). The Bank is offering a maximum of 30,000 Br in credit with a repayment period of one to four months. "We're excited to join hands with Kifiya as we expand our digital financial offerings and deliver support to the financing needs of micro and small businesses that are often neglected but represent a significant part of the economy,” said Deribie Asfaw, CEO of the Cooperative Bank of Oromia. Powered by Kifya's Qena technology, the platform will use an AI-enabled credit scoring system. Kifiya Financial Technologies was incorporated in 2010 and has been operational since 2013 developing digital payment solutions. The Cooperative Bank has 1.7 million subscribers and over 18,000 merchants accepting payments through its mobile money platform.
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