FinTech Innovator TSLC Announces Its Plans to Launch Its Neo-Banking Platform in Nigeria
The Social Loan Company (TSLC) is set to offer its unique credit-led neo-banking platform for the underserved in the African market.
DUBAI, Arab Emirates, October 31, 2022 (Newswire.com) - The Social Loan Company announces its transformative TLSC Platform Services will go live in Africa in Q1 2023 through two game-changing partnerships in Nigeria to improve financial inclusion in the region.
Deepak H. Saluja, Co-Founder & Group CEO at TSLC, said: "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, we aim to provide affordable and transparent access to credit and other basic financial services that improve the financial well-being of digital natives. Beginning in 2023, we will achieve this in Nigeria through our unique AI/ML-powered neo-banking platform and by partnering with leading banking and non-banking institutions in the region."
Mr. A. M. M. Moyen Uddin, Deputy Managing Director, Dhaka Bank Limited, Bangladesh, said: "We see affordable access to financial services as critical to improving the financial wellness of our consumers. In early 2022, we started eRin by leveraging the power of TSLC Platform Services as a pilot project with Central Bank approval. Since then, we've achieved astonishing success, including a 40% monthly increase in MAU (Monthly Active User), serving millions of Bangladeshi Gen-Zs and Millennials in a pilot phase, and we're about to lunch it publicly in a grand ceremony with regulatory approval. We are excited about what's coming next for TSLC Platform Services and the impact it will inevitably have on the African continent."
In Nigeria, the biggest economy in Africa, over NGN 27 trillion (~$62 billion) 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.
So far, TSLC's neo-banking services have helped its joint ventures and traditional banking partners achieve excellent results in Bangladesh, including:
- Provide a loan approval within four minutes
- Reach 40% monthly growth on monthly active users (MAU).
- Plans to achieve the $20 million landmark in disbursed loans by the end of the year.
TSLC's ultimate goal is to serve the financially underserved globally and allow young millennials and Gen Z to 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.
About TSLC
Founded in 2016, 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.
Contact:
Shagorika Heryani
Global Chief Marketing Officer at TSLC
shagorika@tslcglobal.com
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Source: The Social Loan Company (TSLC)
