DUBAI, Arab Emirates, Oct. 31, 2022 (GLOBE NEWSWIRE) — The Social Loan Company announces that its transformative TLSC Platform Services is going live in Africa through two partnerships in Nigeria to improve financial inclusion in the region.
Deepak H. Saluja, co-founder and CEO of TSLC, said: “Economic exclusion negatively affects the lives of over 50% of adults in Africa. Despite the massive adoption of FinTech, 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. We aim to achieve this in Nigeria through our unique AI/ML powered new banking platform and by partnering with leading banking and non-banking institutions in the region.”
AMM Moyen Uddin, Deputy Managing Director, Dhaka Bank Limited, Bangladesh, said: “We see affordable access to financial services as critical to improving the financial well-being of our consumers. In early 2022, we launched eRin by leveraging the power of TSLC Platform Services as a pilot project with the approval of the central bank. Since then, we have achieved astounding 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 are about to eat it publicly in a grand government approval ceremony. excited for what comes next for TSLC Platform Services and the impact it will inevitably have on the African continent.”
In Nigeria, the largest economy in Africa, over NGN 27 trillion (~$62 billion) circulated last year alone through various transactions by unbanked or underbanked individuals that were not accounted for by the country’s central banking system. However, the country has seen a 54% growth 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 new banking platform allows traditional banks to accurately measure consumers’ credit scores and provide loan approval within minutes. This gives consumers affordable, safe and quick access to credit when they need it.
So far, TSLC’s new banking services have helped joint ventures and traditional banking partners achieve excellent results in Bangladesh, including:
- Provide a loan approval within four minutes
- Reach 40% monthly growth in monthly active users (MAU).
- Plans to reach the landmark of $20 million in disbursed loans by the end of the year.
TSLC’s ultimate goal is to serve the economically underserved globally and allow young entrepreneurs to launch their enterprises and 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 with a mission to make financial inclusion a reality for underserved digital natives in emerging and frontier markets. TSLC aims to revolutionize money and address the financial needs of millions of credit-poor, new-to-credit and credit-invisible customers. Using an industry-leading Al/ML powered new banking platform, TSLC aims to lower the barriers and democratize credit by bringing a paradigm shift in financial access, enabling cost efficiency, transparency and speed. TSLC’s unique proprietary platform is deployed across TSLC Retail, a direct-to-consumer service through app and embedded financial ecosystems, and TSLC Platform Services, where TSLC’s PaaS offering accelerates a bank’s digital and mobile-first transformation journey to provide a complete suite of new banking products and services to its consumers within a few months.
Follow TSLC on social media for more:
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Contact information:
Shagorika Heryani
Global Chief Marketing Officer
[email protected]
+971502305117
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