Digital lending is the use of online technology to originate and renew loans in order to deliver faster and more efficient decisions.
There has been a growing trend in the adoption of digital lending platforms across Sub-Saharan Africa which gives rise to this discussion.
Though personal loans and credit cards both offer a way to borrow funds and have many of the same standard credit provisions, there are some differences such as repayment systems.
It is true that fintech has transformed the African continent and opened the gateway to new tech innovations, the idea of credit worthiness has not been exactly digitized at a large scale across income levels and Africa needs a credit system to advance the wealth of the citizens. This is why we need fintechs to innovate on the credit system in Africa.
Nigeria’s Fehintolu Olaogun, the Co-Founder and CEO of CredPal, discusses this new fintech revolution, the issues and the contribution of CredPal in the scheme of things.