Investment into Africa credit-scoring and personal finance start-ups increased by 52% CAGR to $207m USD in 2019. Services have begun to switch focus from a traditional lending model to also cover credit scoring services and sophisticated loans management systems. We take a look at the lending market to understand more.
Research suggests smartphone adoption facilitating growth
Smartphone ownership is predicted to grow from 38% in 2018 to 66% in 2025 and could be a key driver for growth.
Investment into start-ups increases
Investment into Africa credit-scoring and personal finance start-ups increased by 52% CAGR to $207m USD in 2019.
Services become more fragmented as the market matures
Services have begun to switch focus from a traditional lending model to also cover credit scoring services and sophisticated loans management systems
This report was first published in August 2019.
