April 28, 2021Africa
Mauritius Issues Africa’s First P2P Lending License to Fintech Startup Fundkiss
Fundkiss, the pioneering Crowdlending platform in Mauritius, has become one of the Africa’s first FinTech firms to be granted a Peer-to-Peer (P2P) Lending license by the Financial Services Commission (FSC). Actually, Mauritius is the first country in Sub-Saharan Africa to have a specific regulation around this activity, by way of the FSC’s pioneering P2P Lending Rules and since 2019, startups in Mauritius are experiencing reforms upon reforms in their favor.
With the new license, the startup will be able to raise more money, including from international investors. It will also be able to finance its growing customer base of small companies with greater loan amounts than were previously permitted under the sandbox regime.
As of at January this year, Fundkiss had financed more than 100 projects for funding of over Rs 31 million ($781k) bringing together a community of more than 1,700 investors in the process, of whom more than 270 are active lenders, in that they have invested at least once in the last 12 months.
