Amsterdam, 8th October 2019: 4G Capital has been named Silver Winner of the ‘Responsible Digital Innovator of the Year’ award at the Global SME Finance Awards held last night in Amsterdam.
Organised by the International Finance Corporation and the SME Finance Forum and endorsed by the G20’s Global Partnership for Financial Inclusion (GPFI), the Global SME Finance Awards celebrate the outstanding achievements of financial institutions and fintech companies in delivering exceptional products and services to their SME clients.
4G Capital was selected from a competitive pool of 144 applicants. A panel of independent judges chose the winners based on criteria of Reach, Uniqueness & Innovation, Effectiveness & Impact, and Dynamism & Scalability.
In particular, the judges recognised 4G Capital for scoring highly in responsible lending metrics, resulting in low NPLs for typically high-risk clients. This client-centric approach has resulted in industry-leading repayment rates, customer satisfaction and repeat business. 4G Capital was also seen to be leading the way in digital client data protection standards.
Paulo de Bolle, Senior Director, Global Industry, Financial Markets, Global Financial Institutions Group at the International Finance Corporation said, “The Global SME Finance Awards recognise and reward innovation in small business lending that can improve financing for SMEs, helping small businesses grow and create jobs. Innovations in lending technology and business models can significantly reduce the cost of serving SMEs.”
Upon receiving the award, Founder and 4G Capital CEO, Wayne Hennessy-Barrett said, “4G Capital is deeply honoured. While still a relatively early stage company, we have achieved over 90% year on year growth with the belief that we only succeed when our customers succeed. We dedicate this award to them. We are now ready to use our technology and expertise to scale across Africa as we seek to tackle financial exclusion and unlock human potential where the global SME Finance Gap still stands at $331 billion. We look forward to sharing our journey with partners across the globe, and thank you for this award.”
Matthew Gamser, CEO of the SME Finance Forum, said, “We hope the winners of the Global SME Finance Awards will inspire SME financiers all over the world to learn from their good practices. The Awards provide the winners with an opportunity to showcase good practices on the global stage and foster learning amongst their peers.”
4G Capital attributes its success to a unique model combining a nationwide network of physical branches across Kenya and Uganda with machine learning technology to blend customer enterprise training with working capital credit. 4G Capital’s customers increase their revenue by an average of 82% annually.
4G Capital has outperformed expectations this quarter; Q319 figures show that over the last 12 months customer numbers have grown by 62% to 82,000 with total value of loans to date also increasing by 111% over the same period to a total of $79 million since inception.
About 4G Capital Since 2013, 4G Capital has supported East African micro-enterprises by providing financial literacy and enterprise training combined with right-sized working capital credit to help small businesses grow sustainably. 4G Capital customers receive bespoke business training programs and credit guidance via mobile apps and in-person via our nationwide network of branches.
4G Capital’s unique machine learning technology delivers high fidelity insight into customer risk and affordability. As a result, 4G Capital consistently achieves high collections rates without collateral or refinancing its clients, only lending to viable businesses on terms that are right for them. 4G Capital is on target to positively impact over 1 million people by 2020.
Serving customers in Kenya, Uganda and Ghana, and having received multiple industry awards, 4G Capital is now scaling across the continent and expanding its suite of products and services.
Q319 4G Capital KPIs:
- >82,000 customers
o 75% Female o 58% Rural
· 80% Repeat Customers