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 development partners to evaluate the opportunities, challenges, and implementation pathways for open finance across the African continent. Over two days, […]
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 workforceโare excluded from affordable credit, […]
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, but because lenders could only see a thin sliver of their financial reality. But ๐๐ต๐ฒ ๐ถ๐ป๐ฑ๐๐๐๐ฟ๐ ๐ถ๐ ๐๐ต๐ถ๐ณ๐๐ถ๐ป๐ด. And itโs […]
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 open banking. Across South Africa, a large part of the economy operates in plain sight, yet remains financially invisible. Income […]
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 that for everyย ๐ฅ๐ญย lost to fraud, South African businesses incur an average cost ofย ๐ฅ๐ฏ.๐ฒ๐ฐ. In unsecured short-term lending, we estimate roughlyย ๐ฎ%ย of […]
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, fairly, and predictably. Open Finance hasnโt 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, […]