Lot of Contacts in Your Mobile Phone May Get You Loans

“First Access, a New York-based startup, mines data stored on Tanzanian and Kenyan borrowers’ mobile phones to recommend a loan amount to banks and microfinance lenders within 90 seconds. The proprietary algorithms can cut down clients’ underwriting costs by more than 92 percent, according to co-founder and CEO Nicole Van Der Tuin. Its backers include Capital One Financial Services co-founder Nigel Morris and The Social Entrepreneurs’ Fund, Bill Ackman’s venture capital fund investing in businesses that promote financial inclusion.”