Getting good returns on idle cash is not always as easy as it sounds. Most would-be investors often have to grapple with the fact that they tie their money down for a period but do not get impressive returns. Even where financial institutions charge lenders high-interest rates, what the saver gets at the end of the day is far from it.
But what if there was a solution? A platform, that offers you the opportunity to choose businesses to invest your funds and also choose when to cash out returns?
That is what Kiakia peer-to-peer lending investment does.
How it works
The Kiakia peer-to-peer app is a platform designed to allow users to earn higher returns on their idle funds. It definitely works differently from the usual bank process of fixing a deposit. With Kiakia’s app, ordinary individuals over the age of 18 years who have legitimate income sources, can provide money to fund secured MSME loans booked via the KiaKia loan platform.
This, of course, allows them to earn returns monthly, quarterly, bi-annually or even annually while providing businesses with low-interest capital that can help them grow.
What more? Lenders/investor get to choose the industry or sector they want their funds to be applied to. There’s also the satisfaction of knowing that your little funds might be making all the difference for some business out there.
The business of choice can be located in any part of the country, and are carefully selected, verified and pre-approved by the Kiakia team.
The KiaKia story
Launched in 2016, the aim of the KiaKia peer-to-peer digital lending app was to give people better returns on their money and with less stress.
Initially, the lending/investment packages were fixed to accommodate lenders who had a million naira and above, but when users cried out that it was discriminatory, Kiakia reduced the limit to provide an all-inclusive service that accommodated everyone above 18 years with a legitimate source of income.
With as little as N50,000 now, a lender can be a part of those who contribute funds for the qualified borrower and still earn returns of the money. Packages are between N50, 000 and N10, 000,000 and can be done in multiples.
Talk about a flexible plan that fit income!
The app allows you to easily fund a loan using a valid debit card in your name, or even via bank transfer.
Multiple funding is also allowed so that a lender can fund as many loans as his income can afford. There is however an upper cap, stipulating a maximum single loan amount of N10, 000,000 and for a maximum tenure of 18 months.
The lender also gets to choose his investment structure, and this will determine how he is to be paid returns – Quarterly, Bi-annually or Annually.
Within 7 days of the maturation of the loan tenure, the lender needs not to make any request to withdraw the funds as it will be automatically deposited into the account number provided.
The Halal option
There is also the Halal feature which allows the Muslim faithful to participate in permissible earnings. Kiakia’s Halal investment option is structured in line with the Islamic principles governing non-interest funding. So when KiaKia gives funds to businesses under this arrangement, it is for the purpose of profit-sharing not payment of interests.
Kiakia’s Super Advanced Dashboard provides a seamless experience with a detailed and beautiful dashboard that enables lenders to monitor fund performance and progress.
Safeguarding of investment
Ever had to worry about a borrower paying back the loan? Not with Kiakia!
Kiakia takes the security of lenders funds very seriously, and only invest in loans and businesses that will benefit the lender/investors.
There is the safety fund feature, which basically provides a buffer for lenders. At KiaKia, part of the interest/profit shared goes to you, the investor/lender, while another part goes directly into the safety fund. As the repayments and portfolio grow, so does the safety fund, and this becomes the buffer to protect all investments. If a borrower misses any payment, the investor/lender is reimbursed from the safety fund.
Interest rates on the Kiakia app ranges from as low as 12% and as high as 40%, and spans 6 to 18 months tenure. For the interest/profit payout options – 3 months, 6 months, 12 months and 18 months, payments are credited automatically.
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In 2019, KiaKia clinched the InFINCA (Inclusive Finance Conference and Awards, 2019 award for Best Peer-To-Peer Platform in Nigeria – a testament to its pioneering effort and sustained innovation.
The company also takes pride in the fact that in over 3 years of operations, no Individual or corporate body has lost money committed in trust to investments or lending.
Now, isn’t this is a record to be proud of?