Creditinfo’s “CIP Score” Between evolution and improvement: a powerful tool for risk management in a more digital financial environment
The core business of commercial banks and other lenders, at the most basic level, is to sell money. To loan an amount with a negotiated re-payment schedule with interest, is a process that allows the economy to finance itself. But for this cycle to be sustainable in the long term, it must be carried out with both vigilance and responsibility. The “credit risk” of a client, their probability of reimbursement, and differentiating between “good” and “bad” clients are basic yet essential elements to loan in a profitable and durable manner.
The evolution of retail credit in the banking sector in UEMOA
Covid – 19 has hit the world with a “double shock”: an unprecedented contraction in supply and demand coupled with a health-economic conundrum. For Africa, and the UEMOA region, the immediate picture is bleak. However, there is hope if the financial sector uses the situation as a trigger for accelerated transformation of lending processes and products, taking the lead from other sub-Saharan markets and levering advantage of the robust financial infrastructure in place.
Never Has There Been Stronger Evidence for Mobile Loans in West African Economic and Monetary Union region
With many countries in the West African Economic and Monetary Union (WAEMU) region in lockdown, bank branches empty and movement constrained; the case for a true, robust mobile lending ecosystem is stronger than ever. In global markets where mobile lending is nascent or inexistent, and the credit market is relegated to physical interaction between underwriter and customer, physical confinement and countrywide lockdowns are the equivalent of death sentences. Credit markets are frozen because critical communication is impossible. On the other hand, where digital wallets and e-money are common, no such barriers exist.
eBusiness Pass by Arnault Morin, VoLo
Today we had a presentation provided by Mr. Arnault Morin, Chief Information Officer for VoLo, on one of their smart products, the eBusiness Pass.
The eBusiness Pass is a business intelligence and operations platform that allows companies to access multiple opportunities for growth. It shows specific information of the Micro Small and Medium Enterprises.
You can watch Arnault’s webinar here on YouTube: https://www.youtube.com/watch?v=fJV9kV59Bog
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.