In 2024, South Africans submitted 70.8 million applications for credit. Lenders declined 47.5 million of them. Two out of every three, and that ratio has been climbing for most of two decades – at the...
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The most dangerous AI output in financial services is not one that looks wrong. It is one that looks right, but isnโt. Over the past few months, clients have been asking us a fair question:...
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truID attended the Open Finance Africa Symposium held in Cape Town – an intimate two-day gathering of around 50 delegates hosted by Cenfri and CGAP. The room brought together regulators, policymakers, financial sector stakeholders, and...
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The transaction layer no one is talking about We tend to think about credit in South Africa through the lens of banks – mortgages, vehicle finance, large loans. But thatโs not where most of the...
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Financial inclusion in South Africa remains constrained despite widespread bank account ownership. Millions of South Africans can open an account, yet cannot meaningfully use that account to access formal financial services. An estimated 21 million...
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For decades, credit in South Africa has been built almost entirely on ๐ฏ๐๐ฟ๐ฒ๐ฎ๐ ๐ฑ๐ฎ๐๐ฎ. And for decades, that meant millions of good, capable consumers were misunderstood, mispriced, or excluded โ not because they were risky,...
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Branch credit applications are now at least ๐ฐร faster – 25-minute processes reduced to under 5-minute end-to-end assessments. Powered by truIDโs AI OCR. Despite all the talk about APIs and digital channels, the reality is...
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A ๐ญ๐ฌ % shift in financial inclusion could unlock more than ๐๐ฏ๐ฌ ๐๐๐ก๐ก๐๐ค๐ฃ in GDP growth for South Africa. Simply by giving people access to their own financial data. That is the quiet power of...
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Not fraud in general & Not identity theftโฆ โฆbut document manipulation. SABRIC reports that vehicle asset finance fraud applications more than doubled in 2023, resulting inย ๐ฅ๐ญ๐ฏ๐ฏ๐ปย in losses. The LexisNexis True Cost of Fraud study shows...
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๐๐ค๐ช๐ฉ๐ ๐ผ๐๐ง๐๐๐ ๐๐ค๐๐จ๐ฃโ๐ฉ ๐ก๐๐๐ ๐๐ฃ๐ฃ๐ค๐ซ๐๐ฉ๐๐ค๐ฃ. ๐๐ฉ ๐ก๐๐๐ ๐จ ๐๐ค๐ฃ๐จ๐๐จ๐ฉ๐๐ฃ๐ฉ, ๐ง๐๐ก๐๐๐๐ก๐ ๐๐๐๐๐จ๐จ. South Africa has world-class fintech capability and millions who could benefit from better products. Yet innovation depends on one thing: consumer-permissioned data that flows safely,...
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