The Social Loan Company (TSLC), a digital-first lender founded in Bangladesh, announced that it is launching its platform in Africa for the first time thanks to two partnerships in Nigeria.
The African expansion will see TSLC apply its artificial intelligence (AI) and machine learning (ML) approach to lending in Nigeria.
Nigeria has seen a 54% increase in FinTech usage among consumers, which it calls the primary enabler of financial inclusion in the region.
Financial exclusion negatively impacts the lives of over 50% of adults in Africa. Despite massive FinTech usage, financial inclusion remains a concern for Africans. As a FinTech innovator, the aim is to provide affordable and transparent access to credit and other basic financial services that improve the financial well-being of digital natives.
TSLC also operates in India under the CASHe brand. The company states that its goal is to serve the financially underserved globally. After launching in Nigeria, TSLC plans to scale the platform further across the country and region through 2023.