Getting instant cash without the hassle
Fintech company Monami’s platform enables users to look beyond traditional ways
Everyone has faced the need for quick cash at some point, and trying to tap a bank loan can take more than a few days. Monami Tech, a UAEbased fintech payments company, is aiming to quicken access to cash where possible and thus try to disrupt the lending landscape.
Ammar Afif, its managing director, has more than 20 years in the finance industry through stints with venture capital and private equity firms in the US. Afif, born in Pakistan and raised in Canada, said Dubai was a perfect gateway to do business and where talent can be found easily.
There is a push towards instant gratification among millennials and that’s where he saw opportunities for his new venture. “When they [millennials] do something, they want to know what happens immediately. When I looked at it, I thought why instant lending is not in this market.”
Digital credit solution
Lendme is a digital solution from Monami that provides the platform for loan origination and enables customers to obtain hassle-free loans. “We are building the technology platform for institutions, e-commerce and retailers to ■ offer instant customers.”
It has formed a partnership with Al Hail Orix Finance for the deployment of its platform for Sama’s business and consumer lending app. The platform will go live this month.
“We have tied up with Emirates ID and Etihad Credit Bureau. After giving all the required information by Al Hail Orix Finance, the customer gets to know in minutes if he is eligible for the instant loan,” Afif said.
When a loan is approved, Monami gets a flat fee of between $5-$10 for each transaction. The company is going lending to their ■ ■ ■ ■ ■ ■ to sign deals with e-commerce portals soon and will start working with the retailers next year. Its platform is available in India and Zimbabwe.
Afif said instant lending is not meant to replace credit cards, but adds another source for credit. Instant lending is a huge market in other countries in the form of payday loans and cash advances, and that it is going to happen in the UAE.
“The magic key is how you determine the credit. Dubai is more advanced than other GCC countries, but try to capture structured and unstructured data. Structured data are Emirates
Name: Sector: Year Founded: Founders: Funding: Employees:
Monami Tech Finance technology 2016 Ammar Afif $3.5m
34 ID and Etihad Credit Bureau and we compliment that with unstructured data such as SMS transaction and social media history to evaluate the circle of friends, browsing behaviour and frequency of interaction. An applicant’s creditworthiness and rating are established seamlessly if the customer gives us the permission to validate the user.
“We take all these characteristics and in a matter of years, I should have the best data to help Sama access the risk factor. Al Hail Orix want us to assist them by analysing data and pricing loans perfectly,” he said.