Medina Islamic Finance Boost Financial Inclusion in Africa

Medina Islamic Finance, an Africa-focused digital Islamic microfinance platform has announced a strategic partnership with United Labs, a New York-based data science venture studio that focuses on social impact in Africa.

The announcement was made by the founder and CEO of Medina Islamic Finance, M. Wagane Diouf, at the 44th Annual Meeting of the Islamic Development Bank Group.

Through the partnership, Medina Islamic Finance would leverage machine learning and data science to further enhance its Microfinance Digital Banking Platform. According to a statement, United Labs would initially provide Medina Islamic Finance with access to Artificial Intelligence technology and automated local language customer support systems that will accelerate Medina’s underwriting while improving customer support.

“We are excited to collaborate with United Labs and to bring next-generation technology to Islamic finance customers,” Diouf said.

About 75 per cent of the African population live on less than $10 a day and only 24 per cent of Africans have a bank account.

“Medina Islamic Finance aims to address these challenges through innovative and ethical solutions.”

The Chief Investment Officer and co-founder of United Labs, Bachir Diagne said: “Medina Islamic Finance has created a unique ecosystem including mobile network operators and banking and payment infrastructure.

We are proud to support this inclusive ecosystem with our data science technology solutions and to boost financial inclusion in Africa.”

Medina Islamic Finance plans to roll out its suite of ethical banking solutions in key targeted African countries in partnership with several established financial institutions later this year. Its Microfinance Digital Banking Platform would support microfinance customers, especially the youth and women, with ethical banking solutions such as interest-free loans, equity-based financing and housing.