The new credit-assessment methods appears to be coming from a familiar source. (Mobile Phones)
This process is being used in more than 15 countries across the Caribbean’s, Asia, Europe and even in some African countries like Ghana..
Startups like Lenddo and EFL Global Ltd appear to be reaping huge benefits from this process, non-traditional data appears to be the new method for entering into new market segments that couldn’t be served before.
Proposed borrowers who are previously unbanked and don’t have credit history may now have inroads to accessing small loans.