This move is strategically aligned with Africa’s rapidly growing FinTech landscape, presenting significant opportunities for Yara to enhance access to capital, especially for the expanding middle class. The company expects the FinTech adoption to be propelled by the enhancing mobile penetration, rising demand for capital among students, employees and the growing entrepreneurs/ SME segment. Currently, in Zambia, the combined consumer loan & educational loan market is close to USD 3 billion per annum, and the collaboration expects to make healthy inroads in this market.
Yara’s FinTech Loan aggregator platform connects users from onboarded partner institutions with partner financial institutions to facilitate loan requests. A user may request facilities such as educational loans, mortgage loans, personal loans, leasing facilities and/ or credit cards from multiple financial institutions simultaneously.
The value proposition of the platform includes easy access (digitally) to multiple financial institutions, comparison tables to help users select suitable financial product/ s, and get a loan in three simple steps (online request form, connect with multiple banks, get the loan) and obtain attractive terms.
Six financial institutions have partnered across Sri Lanka and Zambia, with over 25 institutions adopting the platform globally, including renowned global educational bodies such as CFA, CIMA, and ACCA. Yara expects the strong network of partners and the growing reach to propel the platform’s growth in facilitating loans across different sectors.
“We are delighted to partner with Meus Technologies in the African market. This partnership would facilitate higher access to capital for the growing middle class in Zambia. Further, our AI-based technology tools enable financial institutions to generate revenue at a lower sales acquisition cost and achieve significant efficiencies in their loan origination cycle, including sales acquisition, document management and credit analytics,” stated Chaminda V Silva, CEO of Yara Technologies.
“We are equally excited at Meus Technologies with this partnership with Yara Technologies by providing a value-adding, easy to use and cost-effective platform that would benefit students, parents and guardians to access suitable funding for education in Zambia,” stated Danny Luswilli, Managing Director Meus Technologies
Yara Technologies is a fast-growing EdFinTech product startup with 28K+ users across 25+ institutions, with 4 in-house tech products: Talkative Parents (Digital Communication/ EdTech), Quanta (AI-driven data analytics/ Large Language Models), EduLoan (FinTech/ loan aggregator) and ExecLoan (FinTech/ loan aggregator). Further, Yara is a member of the Google for Education integrated solutions initiative and Microsoft Startups Founders Hub.
Meus is a technology product distribution company targeting the distribution of value-adding FinTech and EdTech products across the Sub-Saharan African region. The company is owned and operated by former top-tier senior bankers in the African region with senior management experience in the financial and FinTech sectors.