CARMA has its headquarters in Nairobi but will mark its initial launch in Zambia where it has agreed with the National Association of Savings and Credit Unions to offer credit reference services to 1,112 credit unions with 1.5 million members. This is roughly 15% of the adult population of Zambia. CARMA is looking to roll out across the entire African continent.
CARMA’s new product update
CARMA describes itself as the world’s first credit lending marketplace. The startup has introduced a new update expanding the number to 72 data sharing points for sharing. The new data points cover both financial and consumer behavior from individuals. Lenders can thus make better credit decisions based on these findings. Carma works to fill the gaps in credit data in markets underserved by credit bureaus.
The data can assist B2C organizations to gain better revenue streams instead of contributing their customer’s data. CARMA services are available in both Africa and Asia. During the COVID-19 pandemic, CARMA has offered its data analysis technology to healthcare organizations pro bono.
According to a post on Disrupt Africa, Ted Martynov, the startup’s co-founder, and CEO also pointed out how despite the increase in people gaining access to financial services across Africa, there remains “a huge gap” in accessing “credit information. William Kanyika, the Managing Director at NASCU remained upbeat in their partnership between his organization and CARMA in finding missing components for their lending infrastructure.