Fintech/Microlending vs Banks
Micro lending is provided by Fintech companies such as Jisort, Tala, Branch, Getbucks, Lufax among others.
Micro lending involve lending small loans mostly via technology platform like smartphones, mobile money wallets, digital wallets, web platforms.
This is how micro lending differ from normal bank lending. However traditional banks are also adopting technology to offer similar services.
Banks may try to offer micro lending but are not doing effectively as they are guided by the profit objective.
Bottom line Fintech seek inclusivity which is synonymous with micro lending while banks seek profit and huge perks which are synonymous with big loans – who has a future in today’s world?
Have always wondered why banks do not treat money as a product – this would allow them to place their customers first – offer dignified services and most important be innovative.
Jisort seek to challenge the status quo to ensure dignified services, placing customers first, financial freedom and inclusivity.