Mile - Micro Lending

About the project

Mile is a micro-lending service added to an existing Fintech app. A microloan is a small loan typically for financing small business owners and entrepreneurial projects, especially in developing regions.

Details

UX design
Client Region: Ghana, Africa

Project work
Year: 2022-2023

Design Process: Google Sprint

Background

The Users

Small Business Owners

People with Low or No Credit Rating

Starting and growing new businesses is crucial to the health of any economy, and entrepreneurs across Africa are eager to take advantage of the opportunities available to them. When properly harnessed, microfinance offers a variety of benefits to the African people. Foremost, microfinance initiatives can effectively address material poverty, the physical deprivation of goods, services, and the income to attain them.

Micro loans are an important source of financing for small businesses because they are typically easier to obtain than traditional bank loans. They can also be used to finance businesses that may not be eligible for traditional bank financing. micro loans can help small businesses grow and create jobs

Africa’s economy faces economic challenges with a high unemployment rate and negative growth, consumers may find it hard to repay existing credit obligations hence people face 0 to low credit ratings.