'Saida' is a new app that helps young entrepreneurs establish a credit score in order to get approved for a short-term loan. While mobile phones are becoming more prevalent in many parts of the world, the vast majority of people still lack access to the credit cards that are needed to help them build a credit score. This app helps consumers build a credit score that is based entirely on their phone activity.
Saida helps consumers establish a credit score by tracking their mobile activity. The app uses a person's prepaid phone plan to see what proportion of the plan is spent on data, calls and texts. This information is then used to give the user a basic credit score, which can be used to help them get approved for a short-term loan. The app is designed to help young entrepreneurs in Kenya access the money they need to kick-start their business ventures.
Saida provides a new way for small business owners to access lending services without the need to have a credit card.