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Peer-to-Peer Lending Platform Pezesha, Launches Financial Literacy Academy

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Peer-to-Peer Lending Platform Pezesha, Launches Financial Literacy Academy

Pezesha academy, a financial literacy platform that will provide financial education to individuals accessing alternative credit in a bid to promote and enable widespread and well-informed responsible financial practices among digital borrowers.

Pezesha, a peer to peer micro-lending marketplace that leverages on alternative data and financial education to empower individuals by connecting them with lenders offering affordable financial services has announced the launch of Pezesha academy, a financial literacy platform that will provide financial education to individuals accessing alternative credit in a bid to promote and enable widespread and well-informed responsible financial practices among digital borrowers.

While indeed there is a boom FinTech in Africa with disruptive technologies making it easier for the unbanked to borrow, save and insure enabling the region to make technological leapfrog over the rest of the world, there is a darker truth to all this disruption that is currently doing more harm than good.

According to Pezesha, there is a clear evidence of unhealthy financial management practices, including gambling, loan stacking (taking out one loan to pay another), and over-indebtedness, as per the data, they have gathered after interacting with over 20,000 individuals.

Image Credits: Pezesha

This coupled with high interest rates, aggressive marketing, complicated T&C’s and unnuanced “yes or no” credit scoring systems contribute to the “broken system” the lending industry has become.

The financial education curriculum for 2018 developed by Pezesha will cover areas such as savings and investment, effective debt management, how to improve one’s credit score, what are CRBs and their role and much more.

“Financial education is critical for us and society, as we seek to empower the less privileged, to enable them to make better financial decisions, Says Hilda Moraa, CEO and founder, Pezesha/Patascore.“Our flagship service is Patascore, which encompasses the financial education and credit scoring aspects of our business.”

Pezesha wants all borrowers who go through their marketplace to receive financial education before a loan is granted ensuring that they are using this credit responsibly, in a way that empowers them, rather than the reverse.

In addition to their financial education, the data centralisation and sharing economy that Pezesha marketplace provides, allows them to make much more informed credit decisioning and also gather a holistic view of the borrower leading to much higher quality loans, offering competitive pricing to borrowers that they can afford, and all contributing to a healthy lending platform.

Pezesha has also stated that the rise of FinTech can have tremendous impact for our continent. If used wisely, credit can be a wealth creation tool which has the potential to lift people out of poverty, create jobs and reduce inequality.

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CEO and Founder at Founder360° Magazine.

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