For years, Africa's credit infrastructure has lagged behind the rest of the world due to low credit coverage from its bureaus. Per a World Bank report, only 11% of Africa's population have their credit information recorded by private credit bureaus. And for those who are banked, only 17% have accessed loans.
Thus, there's a real need to record credit transactions. And as financial services in Africa continue to get digitized, accessing credit in real time becomes increasingly important.
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