MICROCAPITAL BRIEF: Financial Technology Start-up iNuka Pap of Kenya Selected For First Barclays Africa Accelerator Program

iNuka Pap Limited, a Kenyan start-up technology company that enables members of local Savings and Credit Cooperatives (SACCOs) “to conveniently deposit, withdraw and access instant micro-loans as well as access other credit services”[3], is one of ten early-stage financial technology firms selected to participate in the first Barclays Africa Accelerator program. The program that is offered by Barclays Africa Group, the South African subsidiary of financial services company Barclays Group will provide a three-month mentorship to participants to “promote innovation and growth in financial services”[1].

iNuka Pap’s technology enables low-income members of SACCOs to receive microloans via mobile money services once their credit rating is provided by the Kenyan Credit Reference Bureau. Eligible members receive the funds immediately via their mobile wallets, thus reducing loan processing times. Repayments are deducted from the members’ wages or salaries, which are required to be deposited at the partner SACCOs.

No financial information on iNuka Pap is available. As of March 31, 2016, Barclays Africa reported total assets of GBP 53 billion (approximately USD 69 billion).

By Imke Herholdt, Research Associate

About iNuka Pap Limited
iNuka Pap Limited is a Kenyan start-up financial technology company that partners with local savings and Credit Cooperatives (SACCOs) to provide their members access to small amounts of cash advances and other consumer services, including prepaid mobile airtime, prepaid insurance and prepaid electricity. Eligible members receive loans via iNuka Pap’s mobile platform, which users can access via their mobile wallets. Repayments are made via deductions from wages that are deposited at partner SACCOs. No financial information on the company is available.

About Barclays Africa Group
The Barclays Africa Group is the South African subsidiary of Barclays, a financial services provider based in London, United Kingdom. Barclays Africa operates in approximately 15 African countries. Barclays Africa offers personal and business banking services; corporate and investment banking services; wealth and investment management services; and insurance products. Barclays Africa reported total assets of GBP 53 billion (approximately USD 69 billion) for the quarter ended March 31, 2016.

Sources and Additional Resources
[1] Co-operative News: Mobile platform launched for credit unions in Kenya
[2] iNuka Pap
[3] Techstars: Announcing the First Class of Barclays Cape Town, Powered by Techstars
[4] MicroCapital Universe Profile: Barclays
[5] Barclays

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