By Henry Uche
Evolve Credit has launched Configure Cloud Lending software to power thousands of new loan providers over the next five years.
At a briefing in Lagos, its founder/CEO, Akan Nelson, dislosed that 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.
According to him, its vision was 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 five years. We want to make billions of dollars in credit available to millions of people and SMEs”, he said.
He added: “With the 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 market growth in a range of sectors where Africans have unmet needs, including food, beverages, pharmaceuticals, financial services, healthcare, technology, housing, and education.
“There was 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.
Nelson stated that Configure would 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. He affirmed that 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.”
He added that Configure provides all the technologies a microfinance institution or an upstart lenders need to operate like a big bank or a large online lender like Carbon.