Furaha Financial operates a software-based intermediary platform that facilitates the distribution of purposeful financing solutions. The platform connects users with tailored loan products, including education, school fees, and business financing. By leveraging an ecosystem of partners, Furaha aims to unlock growth and development for underserved segments through appropriate financial matching.
Funding
$10M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many individuals and small businesses in emerging markets lack access to appropriate financing options for education, business growth, and access to power and electricity. Traditional financial institutions often have stringent requirements, leaving a significant portion of the population underserved and unable to invest in their future.
Solution
Furaha Financial operates a financial services platform that connects individuals and businesses with a network of financial institutions, telcos, and aggregators to facilitate access to purpose-driven financing. The platform streamlines the financing process, offering tailored solutions for education loans, power and electricity loans, and business loans. By leveraging technology and partnerships, Furaha aims to bridge the financing gap and unlock opportunities for the "missing middle." The platform uses third-party data from telcos, credit reference bureaus, and school fees aggregators for verification and credit decisioning, with the user's consent. Furaha also offers a mobile application for easy access to its services.
Target Audience
Furaha's primary target audience includes individuals seeking education loans for themselves or their children, small businesses needing capital for growth, and communities or businesses aiming to invest in power and electricity solutions.
Features
- Education loans with flexible terms for primary, secondary, and higher education.
- Power and electricity loans designed to support communities and businesses in achieving sustainable energy solutions.
- Business loans tailored to support the growth and innovation of small businesses.
- Mobile application available on iOS and Android for easy access and management of loans.
- Integration with major school fees payment platforms (SchoolPay, PegPay, SurePay) for direct disbursement of education loans.
- Repayment options include weekly or monthly schedules with an auto-pay option.
- Loan calculator to estimate borrowing costs.
- Secure application process using NIN (National Identification Number) and live selfie verification.