Technology plays a pivotal role in the fast-moving world of finance. This is particularly true in West Africa, where the intersection of economic growth, financial inclusion, and technological advancement has created a rather unique environment.
According to the World Bank, West African Economic and Monetary Union (WAEMU) countries have seen a spike in financial account ownership since 2014, with mobile money accounts driving adoption and usage. Against this backdrop, credit risk decisioning software providers are having a positive impact on West Africa’s financial landscape, using data and analytics to extend credit to those who would have been previously denied it. In this exclusive article in RegTech Africa, Tatenda Nigel Chinodakufa, Sales Executive at Provenir, shares seven ways in which the latest technology is reshaping lending practices across the region.