Medina Islamic Finance ( www.medinafinance.com ), an Africa-focused digital Islamic microfinance platform, announced a strategic partnership with United Labs (www.unitedlabs.io), a New York-based data science venture studio that focuses on social impact in Africa. The announcement was made by M. Wagane Diouf, founder and CEO of Medina Islamic Finance, at the 44th Annual Meeting of the Islamic Development Bank Group.
Through the partnership, Medina Islamic Finance will leverage machine learning and data science to further enhance its Microfinance Digital Banking Platform. United Labs will 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, said M. Diouf. 75% of the African population live on less than $10 a day and only 24% of Africans have a bank account. Medina Islamic Finance aims to address these challenges through innovative and ethical solutions.”
“Medina Islamic Finance has created a unique ecosystem including mobile network operators and banking and payment infrastructure, said M. Bachir Diagne, Chief Investment Officer and co-founder of United Labs. 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 will support microfinance customers, especially the youth and women, with ethical banking solutions such as interest-free loans, equity-based financing and housing.
About United Labs
United Labs is a New York-based venture studio that solves global sustainable challenges through data science and AI. With a presence in five countries and a staff of 30 engineers and software developers, United Labs is committed to driving social impact through financial technology and Big Data. The company’ solutions are inclusive technology platforms that contribute to the UN Sustainable Development Goals such as poverty reduction, good health, decent work and economic growth. United Labs provides technology and advisory services to a wide range of customers, including financial institutions, venture capitalists, telecom operators and government agencies. United Labs is the operational arm of United Global Ventures, an international venture builder and consortium that helps advance inclusive economies through network economics and a proprietary venture studio model. United Global Ventures builds companies in the fintech, healthcare, media, esports and telecom spaces. The group’s founding partners include HRH Abbas Bin Ali, Raj Subraminian, Todd Husayn Friedman, Srini Narayanan, Abdou Bachir Diagne, Arona Sy and Ali Diallo. For more information, visit www.unitedlabs.io.
About Medina Islamic Finance
Medina Islamic Finance is a Pan African Digital Islamic Microfinance Platform that deploys a turnkey mobile-based Islamic microfinance system through partnerships with licensed financial institutions in Africa. Medina Islamic Finance promotes financial inclusion across Africa by offering cheaper and ethical financial solutions that reach the underserved communities. Medina Islamic Finance offers a range of ethical or halal banking services such as deposits, savings, financial leasing, equity-based financing, housing solutions and electronic payments.
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