Increasing Financial Inclusion in West Africa – VoLo and Creditinfo Joint Venture. AfDB involved.
Creditinfo and VoLo Africa are pleased to announce their agreement to merge their credit bureau operations and establish a joint venture (JV), Creditinfo VoLo Africa, with the objective of working together in West Africa, in the area of credit bureaus, risk management and biometric information.
The initial intention of the JV is to set up operations in Gambia and Senegal, with Creditinfo Cape Verde also becoming part of the JV. An additional 7 countries are also planned upon receipt of regulatory clearance and approval.
The partnership brings together the Creditinfo experience of developing credit bureaus and risk management solutions in developing markets such as Tanzania, with the VoLo experience of biometrics and in depth experience of West Africa financial services.
Both organisations will actively be involved in steering the future of the business in Africa, bringing structure and strategic direction with the aim of increasing the stability of the African financial system and stimulating investment and financial inclusion, to create an environment in which the African banks can provide the required facilities for all borrowers, ranging from small enterprises and micro enterprises.