Credit scores only work in countries where there is broad access to formal credit. Millions of consumers and small businesses survive on informal credit. This is a systemic problem fintech can’t fix.
It's not super difficult... Give people a 25% interest loan of small amount. Test they know how to deal with credit facilities. If this is managed well, then offer them 8% instead of larger amount etc. Then have a united platform, so you can't keep creating bad debt.
11:43 Never Implement that. Imagine ruining someone life that they cant even get an apartment. This guy just cares about his wallet nothing else. People don't borrow loans because it's a luxury mostly they do that as a last resort having exhausted their friends or family first. And now for the them to get a job, apartment you want to add a credit score that system is broken completely even in the US. There has to be a better way than this. But whatever it is it should NEVER hinder your job or housing.
![KSI - Thick Of It (feat. Trippie Redd) [Official Music Video]](http://i.ytimg.com/vi/At8v_Yc044Y/mqdefault.jpg)
Amazing to see what Mark has done with SmileID, especially across the African continent. Great job indeed...
Amazing insights! " Borrower's Ability to pay vs. willingness to pay"
Great chat. Lots of takeaways from Chijioke's experience in the trenches scaling Carbon. Thanks for sharing.
Credit scores only work in countries where there is broad access to formal credit. Millions of consumers and small businesses survive on informal credit. This is a systemic problem fintech can’t fix.
It's not super difficult... Give people a 25% interest loan of small amount. Test they know how to deal with credit facilities.
If this is managed well, then offer them 8% instead of larger amount etc.
Then have a united platform, so you can't keep creating bad debt.
11:43 Never Implement that. Imagine ruining someone life that they cant even get an apartment. This guy just cares about his wallet nothing else. People don't borrow loans because it's a luxury mostly they do that as a last resort having exhausted their friends or family first. And now for the them to get a job, apartment you want to add a credit score that system is broken completely even in the US. There has to be a better way than this. But whatever it is it should NEVER hinder your job or housing.
It's a lie...its a power struggle ...he who gets the most credits becomes rich...This is capitalism