Barclays Africa hopes RainFin will help rein in loan costs
BARCLAYS Africa is looking to cut the costs it incurs when advancing loans to small medium enterprises by using the online platform of its financial technology partner RainFin.Barclays Africa owns 49% of RainFin and sees an opportunity to advance loans in a cheaper and faster manner through the RainFin online credit market place as an alternative to the costly traditional Absa branches.Financial services companies are facing some competition from disruptive financial technology companies with innovative offerings. Barclays Africa’s partnership with RainFin is part of a strategy to gain revenue from the rise of financial technology companies and also enhance its service.RainFin is a platform that facilitates unsecured lending online.The platform allows people or businesses looking for better returns on their cash to lend the money to other parties, including small businesses, through the online platform.In this online credit market place, lenders connect with borrowers directly and c...
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