Covid-19 pandemic has expedited digitization in the banking sector and created a favorable atmosphere for the introduction of novel and disruptive products.
The partnership between SC Ventures and Yabx is leveraging this to develop special, Africa-specific solutions aimed at broadening access to credit for underbanked customers.
Starting with Uganda, the firms will provide ‘purpose-driven loans’ focused on inclusion, education, skill development and gender.
Gradually, these loan products will be expanded across other African markets.
Netherlands-based Yabx is focused on providing credit to thin file customers and MSMEs in emerging markets of Asia, Africa & Latin America.
This partnership further bridges the gaps in the current market, driving digital innovations and bringing significant benefits to the underserved population of Africa.
Yabx has seen exponential growth over the past one year and will continue to invest in its mission to serve millions of consumers and MSMEs in emerging markets who have limited traditional sources of funding available to them.