Credit information and decision analytics provider Creditinfo Group has launched a scorecard solution in Kenya tailored for small to medium-sized enterprises (SMEs). Through its unique approach to data and algorithms, this scorecard will help financial institutions improve their credit assessment and facilitate financing to the SME market, which has typically been less able to access finance.
Creditinfo, recognizing the importance of SME risk assessment across the world is aiming to roll out a global solution to address this challenge. The company will first launch the SME scorecard in Kenya, ahead of a wider rollout across countries in Africa, and several other key economies across the globe.
The unique modelling approach Creditinfo have developed significantly reduces, and in some cases eliminates, the human effort needed to assess customers’ risk profile based on credit data. It is delivered in a software platform which unifies, streamlines, automates, and centralizes the risk evaluation process. Creditinfo’s SME scorecard is considerably stronger at predicting business failure than existing traditional models.
Kamau Kunyiha, Creditinfo Regional Manager for East and Southern Africa, added, “Kenya is the most dynamic and receptive market for SME lending innovation, demonstrated by the successful adoption of mobile wallets and microloans. We look forward to seeing the economic impact of this new solution as it comes into full effect and we see more capital flowing through the SME economy.”
Burak Kilicoglu, Director of Global Markets at Creditinfo, commented, “SMEs drive innovation and push digitalization forward for many people by providing services to underserved segments of the population and creating job opportunities. SME scorecards will accelerate access to finance for the benefit of the whole economic ecosystem. At Creditinfo we have access to a wealth of credit bureau data as a starting point, and so are uniquely positioned to offer this solution in global markets.”