Singapore’s CredoLab to Power Digital Financial Inclusion in Sub-Saharan Africa
CredoLab, a developer of bank-grade digital scorecards based on smartphone metadata, announced its expansion into the Sub-Saharan African fintech market with the addition of three new clients – two banks and a leading airtime credit provider.
According to its press release the Singapore-based fintech start-up has successfully developed scorecards for over USD 1 billion in loans issued by more than 50 lenders across 15 countries.
CredoLab’s alternative credit scoring solution comes at a critical juncture in the region’s focus on financial inclusion. The Africa Digital Financial Inclusion Facility (ADFI) was recently launched by the African Development Bank to address the needs of approximately 76% of the Sub-Saharan African population that remains underserved and excluded from the traditional banking sector.
Photo courtesy of Institute for Money, Technology and Financial Inclusion.