FINCLUSION GROUP IS ENHANCING FINANCIAL INCLUSION IN AFRICA BY COMBINING A WORLD-CLASS PRODUCT OFFERING WITH TOP OF THE LINE CUSTOMER EXPERIENCES TO CATER FOR THE NEEDS OF THOSE TRADITIONALLY EXCLUDED FROM THE FORMAL FINANCIAL SECTOR.
Finclusion Group is a diverse team of fintech professionals and entrepreneurs. They are passionate about building products that help make financial tools more accessible to all Africans. By leveraging risk, credit, and technology expertise, they aim to be at the forefront of the fintech sector in Africa and pride themselves on their supervised machine learning and AI capabilities. These tools give Finclusion Group the ability to make highly informed predictions on credit applications in seconds, based on financial and psychometric data.
So, what does this mean? Finclusion Group can serve those bypassed by traditional banking and financial infrastructure by making loans, insurance, Buy Now Pay Later, and other services more accessible. Their product offering focuses on creating value for employers, employees, and consumers while closing the credit gap that persists on the continent. Finclusion Group is excited about building the future of African financial technology and becoming its first and favorite neo-bank.
The businesses in the Group leverage financial, credit risk, and technological expertise to innovatively provide fintech solutions safely using advanced, proprietary AI algorithms. Their key focus areas for the moment are financial wellness, credit-scoring, and direct lending, operating through multiple brands.
Our Story
After spending ten years in Sub-Saharan Africa in financial services, CEO Timothy Nuy founded Finclusion Group after noticing a gap in the market for a fintech solution that better meets the needs of its employed population. This gap provided an opportunity to maximize societal impact whilst making no compromise in the business case. To this end, Finclusion Group looks to leverage experiences within the SSA financial services space to curate a set of scalable fintech verticals that form a fully cohesive fintech ecosystem to monetize the African paycheque. Tim established Finclusion Group to maintain its core values of responsible finance and customer-centricity.
Doing business in Africa, and Sub-Saharan Africa in particular, is difficult; the region still hosts the world’s largest underbanked population, with many such individuals only recently establishing some form of mobile or internet connectivity. Finclusion Group’s team is particularly aware of this, having structured the business to overcome two significant obstacles standing in the way of inclusive financial services: overcoming Africa’s distribution gap and understanding the credit risk profile of the population with limited financial records.
Formal Western financial services have decades of financial user data to assess. Western consumers are well-adjusted to operating in the developed world with their high-speed internet connections, multiple bank branches, and several sources of financial data readily available. All of this is needed to access formal financial services. Assuming Africans will automatically fit into these Western business models is a pipe dream, far removed from the realities of life in Africa. Unfortunately, this has been the case for many years, leaving Sub-Saharan Africa underserved with few financial solutions suitable for their needs and accessible through their current means.
The key to Finclusion Group’s success is their understanding of the Sub-Saharan African consumer and their needs and how best to serve them. Too often, entrepreneurs promise to revolutionize the continent by recycling developed market innovations, with the promise of unlocking the area’s economic capacity. But unfortunately, these businesses most often fall short due to the business model lacking economic viability within an African context or through underwhelming market uptake by consumers.
Connecting with customers is what Finclusion Group does best. The Group has looked to maximize the number of consumer touchpoints where possible, employing user-centric web and mobile applications. Finclusion Group has looked to simplify user interaction with their financial service provider, providing greater insight into their financial situation and allowing them to take back control of their financial well-being.
The Group has activated several consumer touchpoints, including internet connectivity and mobile access to all users, consistently looking to leverage the true power of fintech, which can provide distribution channels that allow the Group to optimize accessibility, profitability, and user experience.
Finclusion Group would not do what they do without state-of-the-art credit risk models, which underpin their financial innovations. Housed within Fractal Labs, the Group’s proprietary AI algorithms harness both alternative and traditional financial data sources to provide an accurate credit risk analysis of even the thinnest-filed individuals in a socially responsible manner.
The Group has processed over 6 million loan applications and granted more than $1 billion of credit. Their credit risk and data science capabilities provide the competitive advantage that Finclusion Group leverages in each of their offerings. Combined with a holistic set of financial solutions, these models allow greater insight into consumers’ financial status, presenting the opportunity to customize the product offering to meet each customer’s needs.
Finclusion Group will provide the springboard to allow every African the opportunity to leapfrog the need for traditional banking institutions by catering to their needs with innovative and genuinely Afrocentric financial solutions. The Finclusion Group believes that digitized fintech offerings will soon become default financial solutions in Africa. By maximizing their products’ impact, the Group will broaden their offering to provide holistic financial solutions and become Africa’s one-stop fintech shop to meet every African financial need.
