Last week, a leading TV station in Kenya – Citizen TV did a story on Digital Lending Apps and their impact in Kenya. There has been a sharp rise in the number of mobile lending apps in the country and the worry is about how people are accumulating debt and borrowing from the various apps simultaneously and defaulting therefore affecting their credit score.
Watch more on of the story here:
Creditinfo reached out to the station to explain the role of CRB’s and how they benefit individuals. Everyday we strive to change the misconceptions of negative listing and try and educate on the importance of paying loans on time and the benefits of a good credit score.
See the follow up interview below:
According to a recent article by Mckinsey, many fraudsters are now using fictitious, synthetic IDs to draw credit. Applying for credit using a combination of real and fake, or sometimes entirely fake, information creates synthetic IDs. The act of applying for credit automatically creates a credit file at the bureau in the name of the synthetic ID, so a fraudster can now set up accounts in this name and begin to build credit.
Creditinfo has however started to combat this act of fraud in the Kenyan mobile lending space with a new Integrated anti-fraud solution, which uses advanced analytics. “The credit bureau already contains significant data which can be used to highlight potential fraudulent applications, this solution is integrated to the Instant Decision Solution which is used by many mobile lenders to optimize the lending accept-reject and limit allocation”, said Dmitry Batygin, Product Manager at Creditinfo Solutions .
Major mobile lender in Kenya making thousands requests a day said, “We started observing positive results seconds after the introduction and implementation of this check. We look forward to other rules that might be comparably powerful for our decision-making”.
Read more on the article here:
The Housing Finance Company in Kenya have introduced mobile lending this summer and chose to use Creditinfo’s Instant Decisions as the one and only decision-making tool. They chose an in-house installation back in June and then, after several weeks of consultancy and strategy design project, we have come together with the customer to the point where we have a very complex strategy with 3 different Credit Limit Allocation matrices, matching competition’s limit and limit allocation as a function of previously received loans. After successful pilot in July, August they opened it for a wider population, and just recently, in November, to the entire Kenyan population, through all channels – iOS, Android and USSD – and they had a big marketing campaign for USSD customers that had its apogees last week, starting November 18th 2018.
This is a great success story of what Creditinfo can do in terms of decision analytics, backed up by a strong, yet extremely flexible, technical tool such as Instant Decisions!
So many great stories on financial inclusion across the globe are left untold. So rewarding to be able to share with you at least some of those, where Creditinfo can contribute and make a difference. Watch the story of Dorah.
Our decision to partner with Creditinfo for Risk Management Services is hinged on their innovative value-added services, risk consulting and overall commitment of the leadership team. Creditinfo is a leader in automated risk-decisioning systems, data analytics and scoring services. Their risk consulting services is world class and manned by the best.
We use Instant Decision Module (IDM), their flagship product for risk-decisioning in our micro-lending business. IDM provides us the means to securely protect our risk decisioning rules, which, equates to our IP; IDM also enables us to set risk decisioning rules at granular level, and to track/measure outcomes for post-mortem reviews. It has a web-service interface that enables our loan application to interact with it in real-time. With IDM, risk becomes measurable and controllable.
— Ikedichi Kanu, Country Head at Atlas Mara Digital, Kenya
Creditinfo CRB Kenya Ltd. is a credit reference bureau licensed by the Central Bank of Kenya. Recently, the company has launched its risk management products and services into the market. You can read more in the article by Stellar Murumba following this link.
Lucy Odipo, better known to most as “Mama Lucy” or the “Queen of the Slum”, is a truly amazing woman. Mrs. Odipo is the initial founder of The Little Bees Children Self Help Group and currently serves as Director. A Kenyan national, Mrs. Odipo has played a vital role in establishing vital projects in Nairobi, such as The Little Bees School a Nursery School & Daycare to provide critical care and support for deprived children.. Through the school and related projects , Mrs.Odipo and her team provide much needed education and help to individuals and families to access medical care and to secure shelter.
Lucy lives amongst the 500,000 inhabitants of the slums of Mathare in Nairobi, Kenya. Most of the people live in tiny, one-room homes made from whatever materials they can find. Conditions are dismal with sewage and trash flowing through the streets along with crime, sickness and death running rampant. There are no government services like water or electricity. Continue reading »