MyBucks scoops another fintech award
• Luxembourg Finance Award recognises innovation
LUXEMBOURG, 27 November 2018 – Frankfurt-listed Fintech, MyBucks received another feather in its cap in its continued drive to be a fintech pioneer when it won the Fintech Solution of the Year award at the Luxembourg Finance Awards on November 15, 2018. The Luxembourg Finance Awards “aim to reward the financial sector’s best practices and projects but also to acknowledge outstanding professionals for their skills and commitment within their company,” the award organisers said. The main criteria taken into account are expertise, innovation, vision and challenges, among others.
The accolade rewards a company in the finance space that has offered a new, creative and innovative product to provide a solution for a particular aspect of the financial market. The award recognises efficiency and improved customer experience.
MyBucks won the award for its market pioneering solution called Haraka. The Haraka app can approve and disburse fast unsecured nano-loans using mobile phones. Customers have access to vital finance without needing to have a formal bank account or credit record. MyBucks Executive Chairman Dave van Niekerk said that Haraka was created because of a very real challenge that needed to be solved. “Despite the clear need to fund small businesses and individuals across Africa, the lack of previous credit history makes it challenging for most financial institutions to approve loans to the unbanked sector of the population, which makes financial exclusion widespread in the region.
“These challenges are what motivated MyBucks to develop the Haraka app. The app is a lending channel that uses MyBucks’ machine-learning artificial intelligence (AI) algorithms to assess the credit risk of each loan application and to prevent fraud. The full lending process requires no human intervention and the app can approve and disburse nano-loans into an e-wallet in a matter of minutes,” he said.
When considering the criteria for the awards, it became clear that Haraka fitted the bill because of the innovative and creative way MyBucks uses AI – by feeding the app with transactional data extracted from the mobile device of the loan applicant, and also from social media. While traditional banking lags on the continent, it has a fairly high mobile penetration. “We are very happy with the award as it recognises our innovation. This validates MyBucks’ drive to pioneer and lead the Fintech space in all the markets where we operate.”