In recent years, fintech companies have emerged as significant disruptors within the financial industry. They offer innovative solutions that provide convenience and efficiency, enabling the implementation of financial solutions to contribute to a healthier, safer and more inclusive economy, creating new consumer opportunities and pushing traditional financial institutions to adapt and evolve.
Providing access to financial services
Access to Financial Services is a critical issue affecting billions of people worldwide. According to the World Bank, an estimated 1.7 billion people around the world remain unbanked, meaning they lack access to formal financial services. This presents a significant barrier to their financial stability and economic growth, as financial services are critical for everyday life, including cashless purchasing, e-commerce, saving or borrowing.
Innovative solutions
Fintechs are filling this gap by developing solutions that enable access to credit and micro-loans with suitable conditions for the various contexts of actors in the value chain ecosystem. Although services like mobile banking, microfinance or peer-to-peer lending appear to be some of the most known products offered by fintech, some companies are innovating to make the existing systems more efficient and inclusive.
Reducing financial stress
As the saying goes, money can’t buy happiness. However, financial stress caused by uncontrolled debt, job loss, inadequate savings, or unexpected expenses can negatively impact our well-being and the communities we live in. Some fintechs also use technology to reduce these risks and promote financial wellness and education. Many fintechs offer budgeting tools, financial coaching, and investment advice to help people make better financial decisions. By providing these resources, fintechs are helping people and businesses to manage their finances better, reduce debt, and increase savings. This can help reduce financial stress and plan for the future.
Creating a more resilient economy
By focusing on enabling financial health, fintechs are helping to build a more resilient economy. By leveraging technology to streamline processes and reduce costs, these entities improve efficiency and reduce the risk of financial crises. They also create new job opportunities and drive economic growth through innovation, entrepreneurship and partnerships.
In conclusion, fintechs are playing a vital role in building a healthier, more inclusive, and more resilient economy worldwide. By providing access to financial services for underserved communities, promoting financial wellness and education, and driving innovation in the financial industry, fintechs are helping to create a more equitable and prosperous future for all.
Our Solutions
Creating healthier and more inclusive economies through innovation requires a combination of financial knowledge, front-line experience in value chain systems, social and context awareness, discipline, and smart decision-making.
At Correlaction, we collaborate with big market players in the supply chain and financial sectors to further digitise the inclusion of MSMEs to access financial services. We believe in partnering with financial institutions that provide transactional convenience to drive economic efficiency by integrating the physical and financial value chains to create sustainable value for each ecosystem actor.
We are a disruptor in the market that utilises the existing systems to make the entire retail sector (MSMEs, suppliers, and financial institutions) more efficient.
Above all, we recognise the families behind every small and micro enterprise. Our aim is to serve hundreds of thousands of outlets in order to deliver wealth for their businesses, wealth to their suppliers and overall benefit African communities. For example, our solutions topmeup or JazaDuka help remove budgetary constraints for micro-merchants, allowing them to extend their sales capacity with minimised risks of over-indebtedness. By enabling closed-loop credit to micro-merchants, our solutions create sustainable value for every actor in the retail value chain.
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Today, Correlaction powers Kenya’s largest Retail finance scheme and is expanding into Uganda. We provide a simple, secure, least-cost solution fit for Africa, connecting 4+ banks with 7+ suppliers and 20000+ retailers.
With Correlaction, let’s strive together towards achieving financial health for African retailers.
