Shivani Siroya: A smart loan for people with no credit history (yet)
Shivani Siroya - Mobile finance entrepreneur
Shivani Siroya created a tool that allows anyone with a cell phone to build a financial track record. Full bio
to know about a person
making a loan?
about that person
in her late thirties.
come to see her for health services,
with her at the grocery store
and pay her right on the spot
and their health.
because she trusted them.
going to lend to a stranger
something about them.
and other financial institutions
of our public consumer credit data.
pretty much easy access
and services that we need,
around the world
public records on them --
to the credit or financial products
for these 2.5 billion.
using mobile data.
smartphones in emerging markets.
the same way that we do.
they're looking up directions,
captured on our phones,
of a person's life.
through our mobile application.
a small-business owner in Nairobi, Kenya.
has been running a food stall
through vocational school,
of her local chama,
to cover her expenses.
into growing her business.
her options are limited.
that could help vouch for her credibility.
would be way too small
that are well above 300 percent,
collateral or a credit history,
and ask for a business loan.
to download our application
questions on her phone
key data points on her device.
and no previous loan history.
a red flag to a traditional bank.
in her history that showed us
phone calls to her family in Uganda.
communicate with a few close contacts.
around a lot throughout the day,
regular travel patterns,
or at her food stall.
a six percent increase in repayment
that she communicated a lot
throughout the day
with more than 58 different contacts
to be good borrowers.
with 89 different individuals,
increase in her repayment.
of different data points
a person's creditworthiness.
of these different data points,
be found on a paper trail
and unpredictable on the surface
the capacity to repay.
over 200,000 loans in Kenya
are above 90 percent --
with traditional bank repayment rates.
as a credit score,
to build their own futures.
their loans for family expenses,
into growing their businesses.
economies and communities
of using our product,
her savings by 60 percent.
two additional food stalls
for her own restaurant.
from a commercial bank,
to prove she deserves it.
she was to get started.
I didn't think this was for me."
of the world that was closed off to her.
the world to Jenipher
that deserve to be trusted.
About the speaker:Shivani Siroya - Mobile finance entrepreneur
Shivani Siroya created a tool that allows anyone with a cell phone to build a financial track record.
Why you should listen
Shivani Siroya is the CEO & Founder of InVenture, a company that facilitates financial access to small businesses owners around the world by providing mobile financial tracking tools and direct flexible financing in order to help these businesses and their communities lift themselves out of poverty. She was selected as a TED Fellow in 2013.
Siroya has a wide array of professional experiences in global health, micro-finance and investment banking. Prior to InVenture, she worked health costing at UNFPA and Mergers & Acquisitions at Health Net and Citigroup.
Siroya is a 2011 Echoing Green Fellow and 2011Unreasonable Institute Fellow. She is also a blogger for the Huffington Post and has written on Microfinance 2.0 as well as small business growth in the U.S. She is also on the board of ReWork and Young Women Social Entrepreneurs.
Siroya holds a M.P.H in Health Economics and International Policy from Columbia University and a B.A. in International Relations from Wesleyan University.
Shivani Siroya | Speaker | TED.com