Its Founder and CEO, Akan Nelson, who spoke yesterday in Lagos during the unveiling of a cloud lending software, Configure, said the application will power thousands of new loan providers over the next five years and bridge existing credit access gap in the country and the continent.
“We want to power thousands of new loan providers over the next five years; we want to make billions of dollars in credit available to millions of people and small and medium enterprises (SMEs),” Nelson said, adding that the vision is to make access to credit and financial products more inclusive, accessible and transparent for millions of individuals and small businesses.
He said Configure is an affordable bank-level core lending platform that enables lenders to build, launch, and manage any type of loan product end-to-end across multiple distribution channels.
With rising income and a projected population of 1.7 billion by 2030, annual spending by African consumers and businesses is expected to reach $6.66 trillion by 2030, up from $4 trillion in 2015. These trends are spurring growing markets in a range of sectors where Africans have unmet needs, including food, beverages, pharmaceuticals, financial services, healthcare, technology, housing, and education.
There’s an estimated $300 billion credit gap in Africa. Accessible banking and credit is needed now more than ever to close this gap. Evolve Credit, through Configure cloud lending software, is providing the technology to enable this to happen at scale.
Configure will make it easier and faster for microfinance players, upstart lenders, and non-bank providers such as telcos to deploy credit products in days instead of months. Existing lenders can digitise their current processes between one and three weeks, as opposed to the between six and 10 weeks required by local and foreign providers. Built to be flexible and configurable, this cloud-based lending platform is able to support lending end-to-end — frontend web forms, backend dashboards, and third-party integrations. In summary, Configure provides all the technology a microfinance institution or an upstart lender needs to operate like a big bank or a large online lender like carbon.
Evolve Credit is betting that microfinance institutions will win the marketplace for the unbanked and bridge the massive credit gap in Africa. The team believes that their unique blend of deep local community expertise, personalized hands-on service and accessible financial products will give them an advantage over other players.
According to Evolve Credit, Configure is already live with lenders in Nigeria and Zimbabwe who have originated and disbursed over $500,000 in loans since the private beta launch in August. As part of their early adopter program, Evolve Credit is offering a 20 per cent discount to all new subscribers. To access this discount, simply email Joseph Andrews at firstname.lastname@example.org or visit their website.
A new era in lending is already upon us, accelerated by the recent pandemic, and Evolve Credit is leading the way.