According to KPMG data, there was a record $1.6 billion in fintech investment in 2021. At the same time, consumer spending in Africa is $1.4 trillion yet a significant percentage of the population has poor or no access to financial services.
In this Africa Business article, Adrian Pillay, VP of Middle East & Africa at Provenir, shares his insights on Africa’s financial landscape and how lenders can use fintechs’ innovative solutions to serve individuals with little or no credit history while improving risk assessment and increasing access to credit.
He also outlines the importance of using of alternative data, automation and real-time risk analytics to quickly evaluate SMEs creditworthiness to eliminate lengthy delays in funding approval, which can be the difference between a business flourishing or floundering.