Frequently Asked Questions
What is an API?
API stands for Application Programming Interface. APIs are needed to bring applications together in order to perform a designed function built around sharing data and executing pre-defined processes. They work as the middle man, allowing developers to build new programmatic interactions between the various applications people and businesses use on a daily basis.
Some lenders have mobile or web applications with a defined borrower loan application journey and would not need to use our widgets to receive and analyse borrower’s data. In this case, they will use APIs to provide them the risk scoring, transactional analysis, risk monitoring and/or affordability analysis.
Our 3 primary APIs are:
Borrower data aggregation API - Bank/wallet statement OCR, POS data aggregation
Risk scoring API - Liquidity score, Credibility score, Affordability score, Risk Score, Fraud Detection, ID Verification
Financial Analysis API - Transaction classification, Spend Analysis, Default Prediction
💡Want to get deeper into the technical stuff? Check out our API docs here
What is a Widget?
Our widget allows the lender to customise the loan application process without the need for a developer. Once customised, the widget can be placed onto the lender's website with a simple copy and paste of some code.
Lenders who don't have developers can customise a loan origination widget which is already equipped with our scoring API. The widget can be integrated into their existing digital products with simple scripts (code).
When the lenders get new credit applications via the widget or their own products, the API collects applicant data, verifies the data and uses the data to score for risk and affordability, and the result thereof can be found on the lender's SaaS dashboard.
What is SaaS?
SaaS means Software-as-a-Service, and in our case, an all-in-one lending origination web software that lenders use to make lending decisions from the cloud/internet/web which acts as the lenders workspace.
It is NOT an LMS (Loan Management System) but rather a software/platform that digitises credit screening to help with the lending decision process, not loan management (disbursement and collection).
It is NOT an API (Application Programming Interface) but it has integrated our scoring API that show the calculated risk scores of borrowers on the dashboard.
It is NOT a Widget (extension to a software program) but has a customisable loan application widget that can be extended into the lender’s website or other digital application.
How does it work?
Lenders' admin user registers a free workspace account on akibaenterprise.com.
The user (lender) will have access to a personalised workspace with their unique URL. While the user is still in free trial, they are in a sandbox environment where they can use test data to simulate borrower’s journey.
Lenders/credit providers who have developers can generate API keys from their workspace, and easily integrate the alternative scoring API into their products.
Lenders who don't have developers can customise a loan origination widget which is already equipped with our scoring API. The widget can be integrated into their existing digital products with simple scripts.
When the lenders get new credit applications via the widget or their own products, the API collects applicant data, verifies the data and uses the data to score for risk and affordability
- Lenders get the credit score, predicted affordability, default risk and a recommended lending decision on their workspace dashboard (SaaS platform).
What does Alternative scoring mean?
Alternative scoring for us means we leverage alternative datasets that credit bureaus don't traditionally use to provide credit assessment of borrowers. We most use transactional data, identity data and geolocation datasets to perform credit assessments of borrowers based on their historic financial behaviours. We are also include borrower's repayment behaviour on their existing loans.
How long does it take to get an affordability score?
It takes about 20 mins on average to get the scores on the Saas.
Do you do credit checks?
We will add the option to make credit checks from credit bureaus in our lending tool
Are you able to check if the client has taken loans with other micro lenders that are registered with NCR?
Not yet. We will once we integrate with a credit bureau soon.
Can you get bank statements straight from the banks or in real time?
Yes we can but need the borrower to grant us consent.
Is your system integrated with Nupay/ Webfin or other systems?
We are working to integrate with Nupay's Debicheck and Webfin LMS.
How do you analyse spend? Do we account for spend anomalies within the bank statement?
We categorise both the expenses and income of the applicant, we analyse the balance and spending patterns over the past months and pick up any anomalies as well as high risk activities such as exposure to gampling, expensive short term loans etc.
Can you analyse bank statements in picture format?
Yes we can analyse bank statements in .PNG format.
How safe is the applicant's data stored on the SaaS?
The applicant's data is stored securely in the lender's environment and all their personal information is encrypted.
Is data stored for those who abandon mid application through the widget?
No, the data is only stored when the applicants submit their applications successfully.
Are we able to pull credit reports on the SaaS?
Not yet. We are looking to integrate credit bureau reports in the Saas soon.
What is a WhatsApp chatbot and how does it differ from WhatsApp business?
A WhatsApp chatbot allows you to engage with customers using pre-programmed responses and automated workflows to help answer any questions or sell products. On your WhatsApp Business Account, we can integrate a WhatsApp Chatbot that will allow you to automate your sales and customer support.
Is the SaaS enabled to send quotations/offers?
You can send offers directly from the Saas to the applicant.
What is the pricing structure?
We use subscription based pricing for all our lending products. We have starter package at R5K per month and Growth package at R10K per month; the only difference is the volumes borrowers or API calls you are able to make monthly.
What do we look at under bank statement fraud detection?
We look at transaction patterns on the bank statements.
What other companies have you worked with before?
We are working with about 100 microlenders and others like RCS, Absa and Vodacom.
Does Akiba Digital provide Alternative financing?
No we do not provide any financing however we have financing marketplace called Insyts where we connect SMME borrowers to financiers.
Does your system help with the collection of loan repayments?
No not yet. We are looking to integrate with DebiCheck.