Enhancing financial inclusion 
in Sub-Saharan Africa through data driven lending.

In the media

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Finclusion South Africa empowers learners of Kasselsvlei Comprehensive High School

__It was an emotional day for both the teachers and learners of Kasselsvlei Comprehensive High School as we gathered in the school offices in anticipation.__ With Covid19 hitting South Africa in March this year and most of the country coming to a stand still, many learners across the country have suffered with schools closing, no transport, and social distancing which has prohibited students all attending class at the same time. Whilst some school learners have been able to learn remotely, others may not have the technology to do so as easily, some having to study for their upcoming Grade 12 exams via WhatsApp. After reading a column in the Sunday Times by Professor Jonathon Jansen that included an essay by Etaine Wilson, a senior learner at the school sharing her dreams as a woman in South Africa and not only what she hopes to achieve in her future, but how she hopes to change the futures of women and children in our beautiful country we as Finclusion South Africa were inspired and looked to see where we could assist. Our mission is to enhance financial inclusion and enable small communities in Africa through the delivery of technology that will see individuals, families, small businesses and communities develop and grow towards a better future. “This article really resonated at a deeply personal level. We have to show our youth that people are listening, that your efforts are noticed and recognised, now in the time of Covid more than ever before. It is schools like Kasselsvlei and people like Etaine that can and will change lives and communities in South Africa. By helping a few people, we are helping so many in the long run” Says Mark Young, CEO of Finclusion South Africa On Wednesday the 22nd of July, Mark Young met with the learners and teachers at Kasselsvlei High School to hand over some much needed learning materials for the matric learners including calculators for each student, pencil bags with writing tools as well as laptops with internet bundles for three of the top students that have struggled with distance learning through the lockdown period. “Education is the key to the development of people, small communities and nations, and without it, these will never prosper. We see this a first step in a longer journey we hope to walk with Kasselsvlei Comprehensive. We hope these students can continue the school year and achieve the results they set out to achieve despite the setbacks we have encountered this year”, Concludes Young

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GetBucks and Van Schaik announce strategic partnership

GetBucks South Africa and Van Schaik Bookstore are pleased to announce they have entered into a strategic partnership that will drive meaningful and effective financial and educational access to thousands of students and studying professionals across South Africa. GetBucks is an NCR registered credit provider that helps customers manage their money better using personal data, and aims to empower customers through financial wellness and education, as well as assist clients through financial services and debt rehabilitation. With the importance of education and a vision of enablement playing an increasingly critical role in GetBucks’ product expansion, it was a natural fit to partner with Van Schaik, which uses a digital and physical platform to deliver studying materials from stationary to laptops and aligns to the same vision of enabling and assisting ordinary South Africans with meaningful and responsible education. “The partnership with Van Schaik allows GetBucks to continue to deliver on its promise of ensuring that our customers borrow responsibly and for the right reasons, by providing products that are designed to meet their needs and help them grow.” says Mark Young, GetBucks SA CEO. “By partnering with Van Schaik we have created a fantastic customer focused solution which we are proud to be able to offer to learners across South Africa, allowing them access to tools that may have financially restricted them before, Concludes Young. Established over 100 years ago, Van Schaik was started with the aim of servicing institutions, professionals and students by deploying the most appropriate sales channel for Academic materials in order for them to achieve their educational goals. With over 70 physical branches nationwide and an online store, learners and professionals have access to quality educational materials from anywhere. “By leveraging on each other’s strengths and resources, GetBucks and Van Schaik look forward to delivering relevant, affordable and accessible educational materials to students and professionals across South Africa, says Stephan Erasmus, Van Schaik Managing Director. “The partnership with GetBucks is a major milestone in our mission to service our clients in Africa with quality education material in order for them to achieve their educational goals, which in turn uplifts the greater community's standard of living. We aim to leverage the GetBucks relations with employer groups to offer an affordable and practical education benefit to ensure every employee and their families, irrespective of their salary scale, get a fair chance to the education they deserve. Concludes Erasmus

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Debt Relief Bill

The recently passed Debt Relief Bill that enables the suspension of debt, with the potential for it to be written off, could result in major losses for credit providers and the end of credit lines for many low income earners. The Treasury estimates that the passing of the debt-relief bill could result in a write-off of between R13.2bn and R20bn of consumer debt. Once implemented, the National Credit Amendment Act will allow people who earn less than R7 500 a month and have R50 000 in total unsecured debt - excluding car finance and home loans - and who are over-indebted to apply to the National Credit Regulator (NCR) for debt relief. The NCR will then assess each individual submission. Should the NCR determine the consumer is unable to repay what they owe without its intervention, The NCR will suspend some or all of the repayments for a year. At the end of this period, the NCR will reassess the consumers position and should the consumer be able to repay their debts in five years, they may re-negotiate the period of the debt and interest rates. If the consumer is still unable to repay, they may suspend repayments for another year. At the end of this period, if the consumer is still unable to settle their debts, all or part of it could be written off entirely. “Realistically, if the government estimations of R 13.2bn are written off, the NCR would have to potentially review at least 264 000 agreements, assuming that all are approved. This equates to 22 000 per month and on an average basis implies the Regulator would review 1 000 applications per day. Conservatively assuming that each review takes 45 minutes, this implies a staff complement of close to 120 is required just to assess the case, excluding any review or sign-off process”.,ays Mark Young, CEO of GetBucks South Africa Whilst the objective of the National Credit Act was to expand access to credit to a broader segment of consumers in South Africa, the last four years has seen a range of amendments and supplemental regulation that has constrained access to the market that we as credit providers were intended to service. With lending criteria tightening under the law, millions of low-income credit users will no longer be able to get credit in future, for some the very lifeline they depend on monthly. Besides the risk of many credit users being excluded, the new legislation will also increase the cost of credit, possibly create more opportunity for illegal lenders and loan sharks, as well result in a more turbulent credit market in South Africa. With the opportunity of having debt dissolved, this could result in low income earners incurring more debt without any intention of repaying their loans. “For credit providers such as GetBucks that play a key role in the provision of credit for those unexpected life events and already have conservative credit assessment and affordability criteria in place, the risk is that we will no longer be able to play a role for the broad market that we service.” says Young, “Despite this we remain committed to our customers and the broader market and will continue to create innovative products and channels to support the evolving market and consumer needs” concludes Young

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Documents

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Finclusion Company Overview

2020
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Finclusion Profile - Equity

2020
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Finclusion Full Profile

2020
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Finclusion Profile - Credit

2020

Videos

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Contact us

Finclusion Pte Ltd

151 Chin Swee Road, #07-12
Manhattan House,
Singapore, 169876
Number: 201824790K