Meet Jonah Chininga, CEO and co-founder of financial tech startup, MICC Financial
Posted on July 01, 2021 | By Lavonne Boutcher | 0 Comments
Hometown: Harare, Zimbabwe (moved to P.E.I. in 2014 to attend university)
Alma mater: University of P.E.I., Charlottetown campus (Bachelor of Business Administration)
Headquarters: Charlottetown, P.E.I.
What does MICC Financial do?
The company’s rotational savings and credit building platform allows friends to pool money and then lend it to each other interest free. All the transactions are reported to credit bureaus, making it easier for people to build a credit history. “Young people who are trying to build a financial foundation, newcomers coming to Canada and anyone trying to rebuild their credit can use our platform because it’s accessible,” explains Jonah Chininga.
A centuries-old idea with a modern twist
Inspiration came while Chininga was attending a UN youth conference on sustainability in 2019. Discussions around financial inclusion got him thinking about the idea of turning rotational savings, which has been practiced in developing countries like Africa for centuries, into a digital process.
He and MICC’s three other co- founders (Daniel Ohaegbu, Sergio Fernandez and James Muhato) knew there were problems with financial inclusion because, as international students, they experienced them firsthand. “We all experienced financial challenges with accessing credit, building credit and not being accommodated by the current financial system. And that’s where the passion and drive came to look for something else that’s more accommodating.”
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