FinTech Innovator TSLC Launches Its Revolutionary Neo-Banking Platform in Nigeria | Techy Kings

[ad_1]

Social Lending Company (TSLC) is set to offer its unique credit-led neo-banking platform for the underserved in the African market.

Featured Image for Social Loan Company (TSLC)

Featured Image for Social Loan Company (TSLC)

Featured Image for Social Loan Company (TSLC)

DUBAI, United Arab Emirates, Oct. 31. 2022 (GLOBE NEWSWIRE) — Social Lending Company announced its transformative TLSC Platform Service is going live in Africa through two partnerships in Nigeria to increase financial inclusion in the region.

Deepak H. Saluja, Co-Founder & Group CEO at TSLC, said:Financial exclusion negatively impacts the lives of over 50% of adults in Africa. Despite the massive adoption of FinTech, financial inclusion remains a concern for Africans. As FinTech innovators, 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 neo-banking platform and by partnering with leading banking and non-banking institutions in the region.”

Mr. 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 users. In early 2022, we started 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 amazing successes, including 40% monthly increase in MAU (Monthly Active Users), serving millions of Bangladeshi Gen-Z and Millennials in the pilot phase, and we’re going public in a big event with regulatory approval. We’re excited about what’s coming next for TSLC Platform Services and the impact will definitely be on the African continent.”

In Nigeria, Africa’s largest economy, more than NGN 27 trillion (~$62 billion) was distributed last year alone through various transactions from unbanked or underbanked individuals who were not accounted for by the country’s central banking system. However, the country has seen a 54% growth in FinTech adoption among consumers, giving an indication of widespread adoption among African countries as a key enabler of financial inclusion in the region.

TSLC’s unique AI/ML powered neo-banking platform enables traditional banks to accurately measure their users’ credit scores and provide loan approvals in minutes. This offers consumers affordable, safe and fast access to credit when they need it.

To date, TSLC’s neo-banking services have helped its joint ventures and traditional banking partners achieve outstanding results in Bangladesh, including:

  • Prepare loan approval in four minutes

  • Achieved 40% monthly growth in monthly active users (MAU).

  • Plans to reach the landmark $20 million in loans issued by the end of the year.

TSLC’s main goal is to serve the underserved globally and enable young entrepreneurs to launch their ventures and unlock their full potential. After launching in Nigeria with two partners, TSLC Platform Services plans to further expand across the country and region by 2023.

About TSLC

Founded in 2016, The Social Loan Company, or TSLC, is a global venture builder on a mission to make financial inclusion a reality for underserved digital natives in emerging and frontier markets. TSLC aims to revolutionize money and meet the financial needs of millions of credit-poor, credit-poor and credit-poor customers. Using the industry-leading Al/ML neo-banking platform, TSLC aims to lower barriers and democratize credit by bringing about a paradigm shift in financial access, enabling cost efficiency, transparency and speed. TSLC’s unique proprietary platform is used across TSLC Retail, direct-to-consumer services through its applications and embedded financial ecosystem, and TSLC Platform Services, where TSLC’s PaaS offering accelerates the bank’s digital and mobile transformation journey to offer a full suite of neo-banking products and services to its users in a few months.

Follow TSLC on social media for more information:

website
LinkedIn
Instagram
Facebook

Contact information:
Shagorika Heryani
Chief Global Marketing Officer
shagorika@tslcglobal.com
+971502305117

Related Images

Image 1

This content is released through the press release distribution service at Newswire.com.

Appendix

[ad_2]

Source link