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 thin-file or credit-invisible consumers, many of them young people, informal earners, or newcomers to the workforceβare excluded from affordable credit, […]
A ππ¬ % shift in financial inclusion could unlock more than ππ―π¬ πππ‘π‘ππ€π£ in GDP growth for South Africa. Simply by giving people access to their own financial data. That is the quiet power of open banking. Across South Africa, a large part of the economy operates in plain sight, yet remains financially invisible. Income […]
ππ€πͺπ©π πΌππ§πππ ππ€ππ¨π£βπ© π‘πππ ππ£π£π€π«ππ©ππ€π£. ππ© π‘πππ π¨ ππ€π£π¨ππ¨π©ππ£π©, π§ππ‘ππππ‘π πππππ¨π¨. 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, fairly, and predictably. Open Finance hasnβt been slowed by technology, but by differing incentives, evolving regulation, and varied interpretations of […]
Did you know that up to 70% of credit applications in South Africa are rejected? Not always because the risk is high, but often because financial visibility is low. Many economically active South Africans earn, spend and build businesses every day, yet remain poorly represented in traditional financial datasets. When the data lens is narrow, […]
Under the National Credit Act and its amendments, credit providers are required to perform affordability assessments before granting credit. In practice, this means reviewing a customerβs bank statement data – either through physical statements, uploaded PDFs, or digital retrieval. South Africa processes roughly 18 million credit applications per quarter – around 6 million per month. […]