Africa Business Communities
Experian MicroAnalytics unveils 5 billion credit in Africa and beyond

Experian MicroAnalytics unveils 5 billion credit in Africa and beyond

Experian MicroAnalytics, a global leader in providing life-enhancing financial services across emerging markets, has announced surpassing a record 5 billion credit offers.

In emerging markets around the world, people have limited access to financial products, especially credit.

Experian MicroAnalytics has developed a sustainable solution to provide billions of people with access to financial products, easily accessed through their mobile phones, unlocking the power of alternative data in countries across Latin America, Asia, Africa and beyond.

 "We are thrilled to announce that Experian MicroAnalytics has extended over five billion credit offers," said Elio Vitucci, CEO of Experian MicroAnalytics. "2017 was our fastest-growing year, and we are now extending over 270 million credit offers every month. Our goal is to help people in emerging markets build a strong financial identity. We build financial identities using mobile phone behavioral data, one of the richest sources of customer insight, and unlock an initial set of financial products. As customers use these products, they strengthen their financial identities and obtain access to an increasingly wider set of financial services."

 While only a minority of people in emerging markets have access to banking services and even fewer have access to credit services, the vast majority have a mobile phone, most on a prepaid plan.

Experian MicroAnalytics partners with mobile network operators around the world, using mobile behavioral data to start creating initial financial identities for people.

With these financial identities, customers can start to gain access to simple but useful financial products, such as airtime credit.

 As customers continue to take and repay their borrowed airtime credits successfully, they strengthen their financial identities and progressively unlock a wider, more complete set of financial services.

This creates a virtuous circle, where in time customers graduate to a full set of financial products.

 "Experian MicroAnalytics allows consumers in emerging markets to build a financial identity, unlocking access to financial products such as loans, credit cards, insurance and more, all available via their mobile devices," Vitucci added. "These financial products fuel economic development, stimulate growth and have a positive impact on the quality of life for billions of people."


Share this article