Incentro and Financial Access support the African market during the crisis
Financial advisory firm Financial Access and IT company Incentro launch ‘LendXS’, a new fintech platform especially developed for the African market. The platform helps African banks to better assess the creditworthiness of small agribusinesses and farmers, allowing them to extend loans more quickly and at lower costs
Food supply in Africa is under enormous pressure caused by the corona crisis, locusts plagues, and floods. In addition, there is a large gap between supply and demand in financing for small agribusinesses and farmers. Few banks are willing to provide credit in this sector, because the costs- and credit risks are considered too high. The new fintech platform LendXS collects and analyses multiple data to create credit profiles of farmers. These profiles help banks to provide loans at a lower cost and with less risk.
LendXS is an initiative of the emerging markets financial advisory firm Financial Access and global-local IT company Incentro. Especially now, both parties find it important to join forces in order to increase access to finance in rural areas in Africa and contribute to improving food security and enhancing economic livelihoods for smallholder farmers.
Eelko Bronkhorst, CEO Financial Access: ''For small agribusinesses and farmers in Africa, access to finance is crucial in order to maintain production and secure local food security. We like to apply our financial experience in emerging markets to create a sustainable impact. With Incentro, we have a strong partner that enables us to make our data widely available to financial institutions through innovative and low-cost software solutions.''
Dennis de Weerd, CEO Incentro Africa: ''We hope to create real local impact with the new LendXS platform. During this unpredictable time, it is extremely important to join forces now and make a difference together. The partnership with Financial Access is not only a way to serve our customers better, but also a way to do meaningful work.''