Johannesburg, South Africa, August 15, — To help strengthen credit reporting and access to finance in South Africa through innovative digital solutions, IFC, in partnership with the Government of Japan and the National Credit Regulator (NCR), today announced a TechSprint week for creative South African startups, tech companies, innovators, and entrepreneurs.
TechSprint, to be held from October 16th to 20th, aims to develop digital solutions to help South African credit providers meet regulatory requirements and make automated submissions of credit information, with the aim of strengthening South Africa's overall credit reporting ecosystem. Participants will spend the week designing prototype digital solutions for the credit industry which will be presented to a panel of judges on the last day of the event.
Businesses and individuals interested in joining the TechSprint must attend a compulsory online briefing session on August 22nd. Prospective participants can register here or visit the NCR website for more information.
"Small credit providers play an important role in providing financial services to underserved consumers," said NCR Chief Executive Officer, Nomsa Motshegare. "We are delighted to announce our collaboration with the IFC and Government of Japan in this endeavour. The TechSprint will offer a distinct opportunity to harness the revolutionary capabilities of technology within the credit industry."
"Timely and accurate credit reporting is an essential but sometimes overlooked element of economic development," said Adamou Labara, IFC Country Manager for South Africa. "This TechSprint event will build new technology solutions that will help South Africa's small credit providers comply with credit reporting regulations and improve their operations."
South Africa's smaller credit providers play a vital role providing financial services to underserved consumers in the country, yet their limited resources and technology are preventing them from meeting reporting and regulatory requirements set out by the NCR and credit bureaus.
IFC's partnership with NCR demonstrates its commitment to increasing financial inclusion for small and medium-sized businesses in South Africa. Inclusive finance is one of the key sectors identified in IFC's country strategy for South Africa. Initiatives such as TechSprint serve as examples of the investment and advisory support that IFC provides to empower small businesses and expand financial inclusion.
About National Credit Regulator (NCR):
The National Credit Regulator (NCR) was established in terms of the National Credit Act, (NCA) 2005 (Act 34 of 2005)) and is responsible for the regulation of the South African credit industry. The NCR is mandated with the registration of Credit Providers, Credit Bureaus, Debt Counsellors, Payment Distribution Agents, Alternative Dispute Resolution Agents; and monitoring their conduct in compliance with the NCA. The NCR offers education and protection to consumers of credit in promotion of a South African credit market that is fair, transparent, accessible, and dynamic.
About IFC
IFC—a member of the World Bank —is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.
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