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TransUnion Africa has established a strategic partnership with Chenosis, an API marketplace that makes it possible for both alternative and traditional credit data to be included in the credit profiles of South African, Rwandan and Zambian consumers.
This strategic partnership, it is believed, will further financial inclusion in Sub-Saharan Africa, including Zambia.
TransUnion Africa Chief Executive Officer, Lee Naik, said the firm was continuously seeking ways to expand its database to include alternative scoring partners to the bureau data.
Naik in a statement issued in Lusaka on Saturday noted that this was being done to support consumers and small enterprises in gaining access to the financial services they needed to achieve their goals and access new opportunities.
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“One of the major impediments to further financial inclusion and greater credit opportunities is the absence of reliable credit and other information on individuals and enterprises that have not traditionally used banking and insurance services.
“For example, telecoms data can be used to improve access to credit services by bridging the information gap between traditional credit information and the data generated by consumers and entrepreneurs when they use their mobile phone, or they buy data either pre-paid or on a post-paid contract,” he said.
Chenosis Chief Executive Officer, Saad Syed, said the firm wants to support TransUnion’s drive to provide more access to financial services for traditionally underserved sectors in South Africa, Rwanda, and Zambia.
“This use case exemplifies the power of APIs to facilitate consented data between parties in a secure, authorised, authenticated manner with a clear governance framework to maintain data privacy.
“We believe this is just the beginning of our partnership with TransUnion and hope to jointly build an API ecosystem which will solve problems and create opportunities for consumers and businesses by providing a platform to securely exchange data and services,” he concluded.
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