The Social Loan Company announces its transformative TLSC Platform Services goes live in Africa.
Financial exclusion negatively impacts the lives of over 50% of adults in Africa. Despite massive FinTech usage, financial inclusion remains a concern for Africans.
In Nigeria, the biggest economy in Africa, over NGN 27 trillion circulated only last year through various transactions from unbanked or underbanked individuals not accounted for by the country’s central banking system. However, the country has seen a growth of 54% in FinTech usage among consumers, giving a glimpse of wide adoption among African countries as the primary enabler of financial inclusion in the region.
TSLC’s unique AI/ML-powered neo-banking platform allows traditional banks to accurately measure their consumers’ credit scores and provide loan approval within minutes. This offers consumers affordable, secure, and quick access to credit when they need it.
TSLC’s goal is to serve the financially underserved globally and allow young entrepreneurs to start their ventures and unlock their full potential. After launching in Nigeria with two partners, TSLC Platform Services plans to scale further across the country and region through 2023.
The Social Loan Company, or TSLC, is a global venture builder on a mission to make financial inclusion a reality for underserved digital natives in emerging and frontier markets. TSLC aims to revolutionize money and cater to the financial needs of millions of credit-thin, new-to-credit, and credit-invisible customers. Using an industry-leading Al/ML-powered neo-banking platform, TSLC aims to lower the barriers and democratize credit by bringing a paradigm shift in financial access, enabling cost efficiencies, transparency, and speed. TSLC’s unique proprietary platform is deployed across TSLC Retail, a direct service to consumers through its app and embedded finance ecosystem, and TSLC Platform Services, where TSLC’s PaaS offerings accelerate a bank’s digital and mobile-first transformation journey to offer a full suite of neo-banking products and services to its consumers in a matter of months.