Credit Risk & Scoring

Our member, Asante Financial Services Group, is driven by passion to see to the growth of the MSME sector in Africa. It is through strategic partnerships such as the one with SOLV Kenya, a member company of Standard Chartered Banking Group, that we are able to extend our reach to the Kenyan MSMEs

In Sub-Saharan Africa, micro, small and medium enterprises (MSMEs) are the most significant drivers of the economies. However, many business owners face unique challenges whenever they need to access finance from financial institutions such as banks and MFIs. Banks deem them as “untouchables” while MFIs don’t have the capacity to support them at scale.

Asante Financial Services EA Limited has been supporting MSMEs in Kenya since 2018 and has committed a credit line of over USD10m for the pilot phase of their partnership with Solv Kenya. Through the SOLV Kenya platform, enrolled MSMEs will benefit from alternative credit scoring and therefore, ease their access to much-needed working capital that will be provided by Asante Financial Services Group.

How does this partnership benefit suppliers and distributors?

Asante working capital financing through the SOLV platform is an ideal solution for retailers looking to stock, restock, and grow their businesses. With real-time availability of capital, retailers can access the funding they need quickly and easily without having to provide any collateral or security.

This working capital financing provides retailers with an effective way to finance their businesses quickly and affordably. By increasing liquidity and improving cash flow management, retailers will be able to better compete in today’s ever-changing retail landscape and reach new heights.

Key Features of the credit facility and how it works for suppliers and distributors under the SOLV platform:

The credit facility from Asante Financial Service Group is designed to be fast-paced and accessible; allowing retailers access to funds within minutes after approval while offering a maximum loan amount of KES 2Million and a minimum KES 5000 loan amount.

With flexible repayment plans, Asante Financial Services Group offers the following credit facilities- 7 Day and 14 Day Loans with rates of 0.99% flat for 7 Days and 1.98% flat for 14 Days.

Asante Financial Services Group understands how unpredictable life can be, that's why when it comes to paying back the loans, they offer a rollover facility where distributors can extend their loan due date with minimal charges of 1.5% flat for 7 days and 14 days loan respectively with a rollover duration of 3 days.

How Suppliers and Distributors can access the credit facility from Asante Financial Services Group:

In order to access the Asante Financial Services Group’s credit facility, a supplier must first be on the SOLV platform. Distributers can request for their suppliers to nominate them onto the SOLV platform. After signing up on SOLV, the supplier uploads all of their invoices which enables distributers to view and request financing from Asante Financial Services Group for that invoice quickly and easily.

To begin, the distributor will have to create an account with SOLV and provide basic information such as name, address and contact details. Once they are successfully signed up, they will have to log in to the SOLV platform and go through a short onboarding process where they provide additional information This is important so that Asante Financial Services Group can verify their identity before granting any credit facility.

Once the distributor has successfully gone through the onboarding process and verified by Asante Financial Services Group, they can start making requests for financing from Asante and select any invoice from their dashboard that requires financing and submit it via a simple application form within SOLV. The application form includes important information such as amount of money required, terms & conditions of repayment etc., which helps in easy processing of requests for credit facilities at Asante Financial Services Group.

How the partnership will help empower MSMEs under the SOLV platform:

• Timely and easy access to finance.
• Open and inclusive trade ecosystem across various value chains
• Simplified business operations support

Asante Financial Service Group's partnership with SOLV Kenya has been beneficial for both parties. Not only has it provided distributors with affordable credit to help them manage their day-to-day operations, but it has also allowed Asante to strengthen its relationships with its customers and create a positive reputation in the financial services industry. Additionally, this partnership demonstrates the commitment of both companies to providing access to essential capital for small businesses that need funding to operate. This partnership is an example of how collaboration between two different sectors of business can lead to solutions that benefit everyone involved. Furthermore, it sets a precedent for future collaborations that can help fuel economic growth and foster innovation in sectors across the globe.

Asante Financial Services Group’s mission is to empower African entrepreneurs with the resources they need for economic growth. As an organization driven by the desire for an inclusive and prosperous Africa—Asante wants everyone engaged in productive economic activities to have access to credit and accomplish financial growth.

For more information, visit www.asantefinancegroup.com or follow Asante Financial Service Group on Twitter @group_asante or LinkedIn @Asante Financial Services Group.  

Lending is one of the main elements of the modern financial system. In one way or another, most people rely on loans from banks – whether these are credits, mortgages, installments, credit cards to pay for critical goods and services. An important role in this process is played by credit bureaus that collect, store, process and transmit information on borrowers’ payment discipline, credit scoring and current obligations.

However, when people move to a new country or are forcibly evicted from their homes due to occupation or fleeing war – this is what many Ukrainians are currently experiencing – it becomes much more difficult to access financial and other services. This unfortunately disadvantages refugees and adds to the problem regardless of whether they had good or bad credit history before.

Aiming to resolve issues related to solvency confirmation of the tenant from Ukraine and checking the credit history of Ukrainians when applying for a loan or employment, JSC “IBCH” (one of the largest Credit History Bureaus in Ukraine, a member of the international Creditinfo Group since May 2021) created the “MBKI online” chatbot.

For more than 16 years IBCH (Creditinfo Ukraine) has been cooperating with the largest banks and non-bank financial institutions, including foreign financial institutions and credit bureaus of other countries. The organization is now focusing its attention on supporting Ukrainians, both in Ukraine and abroad, with getting access to credit reports.

Kateryna Danylchenko, CEO of JSC “IBCH” (Creditinfo Ukraine), stated, “Since the beginning of the war in Ukraine, over 6 million people – including myself, my fellow colleagues and partners– have been forced to leave the country at short notice with no idea if or when they will return. Displaced Ukrainian refuges face a whole host of challenges without necessary documentation or access to registries. While JSC “IBCH” (MBKI, Creditinfo Ukraine) became the first Ukrainian bureau to launch cross-border data sharing with bureaus from 5 countries, it is also important to assure easy and mobile direct-to-consumer gate to credit history reports. “MBKI online” is so important in helping Ukrainians staying in country and abroad gain online access to their credit histories (also in English), so they can prove their ability to make payments on time to landlords or new employers, follow their credit history updates and bureau score change, as well as to report about lost identification documents.”

“Creditinfo was set up to aid financial inclusion through making credit information more easily accessible and digestible for borrowers and lenders.” – comments Paul Randall, CEO Creditinfo Group. “I’m so glad that there’s something practical we’ve been able to do to help Ukrainian refugees across Europe to access financial services. The creation of this chatbot is an important development in our journey to make the lives of everyone forcibly displaced by this war that tiny bit easier.”

The “MBKI online” chatbot, available on Viber and Telegram, gives Ukrainians access to their own credit history and offers an easy way of identification including using BankID.

Chatbot enables the customer:

• To get a certificate about credit history (in Ukrainian and English);

• To find out personal credit score;

• To get answers to basic questions about credit history;

• To inform the Bureau about the loss of a passport or other identity document;

• To ask for a loan and find out available offers.

Chatbot accepts different payment methods (including bank card, Apple Pay and Google Pay). For more information and to start working with the service, follow the link: https://credithistory.com.ua/bots/