Africa is at the centre of fintech innovation. The demand for inclusive mobile banking has grown alongside an increase in mobile penetration. In the last decade, more efficient mobile infrastructure has been set up throughout the continent. This combination of improved mobile infrastructure and mobile penetration has paved the way for fintech innovation in the region.
4C supports the mobile financial services provided by fintechs in Africa. Our iNSight software is an innovative and secure technology that currently offers various mobile money services to 160 million users in Africa on behalf of our telco partners. A key feature of our iNSight software is the management of credits and loans.
We facilitate digital credit services through real-time data insights. By analysing the customer’s credit behaviour, our iNSight software automatically generates a credit score and credit information. Looking at the subscriber’s management of debt and taking into account how regularly and responsibly they manage their payments, iNSight can provide a predictive analysis and risk score for each individual. In doing so, iNSight helps telcos manage credits and loans for their subscribers.
Making it easier to manage credits and loans
4C’s iNSight software offers significant growth potential for telcos in Africa. Digital credit services are enabled through our automated systems that can process huge data sets in real-time. Credits can fall into a variety of categories, including loyalty programmes, coupons, rebates and other incentives. Subscribers can be offered immediate loan funds or advances on salaries.
Mobile money-enabled credit can benefit individuals and households, with microloans starting as little as $10. Access to digital credit is important for entrepreneurs. Studies have shown a strong link between mobile money and entrepreneurship in Africa. 4C enables telcos in Africa to support their customers in a wide spectrum of financial services and a key feature of our fintech solution is the management of credits and loans.
4C’s iNSight software provides a middleware that links various platforms together. It allows all transactions to be monitored and analysed using our fully configurable and intuitive interface. This financial instrument gives an automated assessment of the customer’s behaviour and reduces costs for telcos because there’s no need to involve banks. There’s also a cost benefit for the end-user because there’s no need for in-person consultations or a bank account.
Customers can access credit or salary advances using these mobile money technologies. In regions with underdeveloped financial services, mobile money is reshaping the nature of how consumers get access to credits and loans.
Another key benefit is for telcos wishing to take their financing and business models to scale. Through this safe and convenient solution, telcos can provide instant loan decisions. Applications for credits or loans, as well as repayments and queries, are all handled remotely. The iNSight software can be used with USSD or mobile apps. This means that whether your subscriber has a smartphone or not, these mobile money services are available to them.
Financial inclusion through credits and loans
In a study of 4200 households in Africa, it was found that increased social mobility is linked to improved financial resilience. Africa has one of the world’s fastest growing populations and many are excluded from the formal credit market. Credits and loans through mobile money are a way to revolutionise financial inclusion.
It serves to empower people and communities, uplifting citizens out of poverty because they have more access to short term credits and loans. Small businesses also benefit from this fintech solution. Credits and loans can be offered to entrepreneurs to cover things like a shortfall in wages or for investment in business development.
Mobile money providers have been integral in the recovery from the Covid-19 pandemic. From 2020 to 2021, mobile money grew at double the forecasted rate. Strong partnerships between telcos and fintech solution providers accelerated the shift to digital platforms. A boom in mobile money is particularly evident in low and middle income countries.
As the mobile money market diversifies to offer more financial services, telcos are winning even more customers. Those ahead of the pack are the ones with robust technologies that offer a seamless customer experience, while providing the highest levels of cyber security and ease of management.
4C works with leaders in mobile money to leverage the network to provide financial services to customers in Africa. 4C ensures regulatory compliance, offering industry-leading levels of data protection and security.
Our product development team keeps abreast with the latest innovations in mobile money technologies, ensuring that your customers always experience high quality service. 4C can help your company manage its credit and loans, whether you focus on individual subscribers or small businesses. For more information about our fintech solutions for credits and loans, please contact us today.
At 4C Group of Companies, we strive to effect operational changes and cost savings for customers through our iNSight product and associated services. This product’s main function is to re-purpose and deliver business-critical information to a variety of systems and stakeholders.
We specialise in information assurance, business assurance, FinTech solutions and a variety of business systems. For more insights into our products and services, check out our blog page or follow us on Facebook, LinkedIn and Twitter.