NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Wednesday, October 2, 2019

Credit scoring fintech company, CredoLab announced on Tuesday, 1 October 2019, that it has officially launched in Africa. Starting in South Africa, CredoLab is aiming to drive financial inclusion in emerging economies on the continent by credit scoring more people, especially those who are new to banking or credit.

Michel Massain, Sales Director for Europe and Africa at CredoLab, says, “South Africa is a country desperately in need of ways to help more people access financial products and participate in the economy. It is estimated that about 76% of the Sub-Saharan African population needs credit but cannot access it, as they are excluded from the traditional banking sector”.

“You need a credit score to participate in the economy, but what about people who are new to credit and new to banking? How do they get a credit score? How can someone with no credit history get a credit score? And how can they start a business if they can’t lend money to do so?”