They manage their lending businesses using manual processes involving emails, spreadsheets, and in some cases, pen and paper.
These manual processes significantly increase credit decisioning and loan disbursal time. The average lender takes 3-14 days to make a decision on each loan application received, resulting in a longer turnaround time and customer dissatisfaction. Evolve Credit is cutting that down to a maximum of 24 hours for every single loan provider in Africa.
“We are losing customers because our loan assessment and disbursement process takes [too much] time. By the time we make a decision, they no longer want the loan from us.”– A microfinance bank rep during a virtual demo conversation.
The alternative is to build in-house, which is both time and money-consuming and requires ongoing maintenance.
Lenders cannot afford to rush the development process, and they often do not understand how to build flexible software that can withstand significant changes, like a pandemic.
To tackle the aforementioned problem, Evolve Credit has built Configure, a cloud lending software solution.
Configure is an affordable bank-level core lending platform that enables lenders to build, launch, and manage any type of loan product end-to-end across multiple distribution channels.
It provides lenders with all the tools and integrations they need to automate their entire lending business —from loan origination to disbursement and collections— in one customizable platform. Any business that offers any kind of loan or credit product can use Configure.
Speaking at the Press Conference, Akan Nelson, Founder and CEO of Evolve Credit, stated that Evolve Credit’s vision has always been the same: to make access to credit and financial products more inclusive, accessible and transparent for millions of individuals and small businesses.
“We want to power thousands of new loan providers over the next 5 years, we want to make billions of dollars in credit available to millions of people and SMEs”, he said.
Any business that offers any kind of loan or credit product can use Configure. Configure Cloud Lending Platform is built specially for Africa.
The product is ideal for:
New lenders seeking to launch quickly, easily, and cost-effectively
Microfinance banks, cooperatives, and savings societies seeking to digitize manual lending process
Fintechs seeking to start offering loan and credit products
Businesses seeking to embed financing and flexible payment options into their online and offline sales process
Big banks seeking to pilot digital-first lending brands
“Over the next decade, Configure and the other tools we’re building at Evolve Credit have the potential to power inclusive credit access for a billion people, SMEs in Africa, and emerging markets.”
“It is abundantly clear that the Evolve Credit team is deeply committed to enabling inclusive credit access in Africa.
Our goal is to democratize access to bank-level software so that lenders can access the tools they need to digitize and scale in the post-Covid economy.”, he added.
Evolve Credit believes that Configure is the solution to the infrastructure problem that many credit providers in Africa and emerging markets are currently facing.
What Configure offers
With rising income and a projected population of 1.7 billion by 2030, annual spending by African consumers and businesses is expected to reach $6.66 trillion by 2030, up from $4 trillion in 2015.
These trends are spurring growing markets in a range of sectors where Africans have unmet needs, including food, beverages, pharmaceuticals, financial services, healthcare, technology, housing, and education.
There’s an estimated $300 billion credit gap in Africa. Accessible banking and credit is needed now more than ever to close this gap. Evolve Credit, through Configure cloud lending software, is providing the technology to enable this to happen at scale.
Configure will make it easier and faster for microfinance players, upstart lenders, and non-bank providers (like telcos) to deploy credit products in days instead of months.
Existing lenders can digitise their current processes in 1-3 weeks, as opposed to the 6-10 weeks required by local and foreign providers.
Built to be flexible and configurable, this cloud-based lending platform is able to support lending end-to-end — frontend web forms, backend dashboards, and third-party integrations.
In summary, Configure provides all the technology a microfinance institution or an upstart lender needs to operate like a big bank or a large online lender like Carbon.