Banks are ‘stuck in the past’ — Yiba defiantly enters African credit market

The peer-to-peer (P2P) lending space in South Africa is heating up. A Johannesburg-based startup called Yiba, an acronym for “You’re Invited Banks Aren’t”, is about to join the fray.

South Africa’s unsecured credit pie is estimated to be worth north of R25-billion. Yiba co-founder Alastair Curtis, believes it’s high time that traditional lenders part ways with their abnormally large profits.

The old-fashioned way of saving and lending involves banks. Yiba, like its closest local competitor, RainFin, is betting that lending and borrowing between you and me, is the way forward. Why? The middle-men (banks), are not particularly bothered to provide good rates to borrowers and better returns to investors.

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