The company has an existing credit bureau in Tanzania meaning the scorecard can be deployed there with “minimal” investment, he says.
According to Tanzania’s chamber of commerce, 95% of the country’s businesses are small and medium enterprises (SMEs), contributing 35% of the GDP. Despite this, the SME Finance Forum says 70% of the country’s SMEs have no access to formal financial services. Tanzania’s finance ministry says banks often require the SMEs to have collateral worth between 125% and 150% of the loan sought.