Evolve Credit has launched Configure Cloud Lending Platform, a core lending solution that enables lenders to manage the entire loan process flexibly, reliably, and cost-effectively.
Evolve Credit is a SaaS company that provides lending infrastructure for Africa and emerging markets.
One major problem that the credit industry in Nigeria and the rest of Africa is still dealing with is a lack of affordable infrastructure to lend effectively and quickly.
Most lenders perceive foreign legacy lending software as overpriced and not cost-effective at scale.
They manage their lending businesses using manual processes involving emails, spreadsheets, and in some cases, pen and paper.
These manual processes significantly increase credit decisions and loan disbursal time. The average lender takes 3-14 days to make a decision on each loan application received, resulting in a longer turnaround time and customer dissatisfaction.
Evolve Credit is cutting that down to a maximum of 24 hours for every single loan provider in Africa.
“We are losing customers because our loan assessment and disbursement process takes [too much] time. By the time we make a decision, they no longer want the loan from us.” – A microfinance bank rep during a virtual demo conversation.
The alternative is to build in-house, which is both time and money-consuming and requires ongoing maintenance.
Lenders cannot afford to rush the development process, and they often do not understand how to build flexible software that can withstand significant changes, like a pandemic.
To tackle the aforementioned problem, Evolve Credit has built Configure, a cloud lending software solution.
Configure is an affordable bank-level core lending platform that enables lenders to build, launch, and manage any type of loan product end-to-end across multiple distribution channels.
It provides lenders with all the tools and integrations they need to automate their entire lending business —from loan origination to disbursement and collections— in one customizable platform. Any business that offers any kind of loan or credit product can use Configure.
Any business that offers any kind of loan or credit product can use Configure. Configure Cloud Lending Platform is built specially for Africa.
The product is ideal for:
- New lenders seeking to launch quickly, easily, and cost-effectively
- Microfinance banks, cooperatives, and savings societies seeking to digitize manual lending process
- Fintechs seeking to start offering loan and credit products
- Businesses seeking to embed financing and flexible payment options into their online and offline sales process
- Big banks seeking to pilot digital-first lending brands
“Over the next decade, Configure and the other tools we’re building at Evolve Credit have the potential to power inclusive credit access for a billion people, SMEs in Africa, and emerging markets.” – Akan Nelson, CEO, Evolve Credit.
“It is abundantly clear that the Evolve Credit team is deeply committed to enabling inclusive credit access in Africa.
Our goal is to democratize access to bank-level software so that lenders can access the tools they need to digitize and scale in the post-Covid economy.”, he added.
Evolve Credit believes that Configure is the solution to the infrastructure problem that many credit providers in Africa and emerging markets are currently facing.
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