Commuscore’s Solution to Providing Credit Evaluation for the Unbanked
One of the biggest consequences of an unbanked population is that they are unable to participate in the formal economy.
This is a problem across the African continent, for South Africa in particular – of the 70% of adults with bank accounts, only 24% make more than 3 transactions monthly. This translates to a poor credit history.
Commuscore is a start-up founded by Philile Mkhize and Priya Thakoor, both of whom are passionate about solving the challenge of financial inclusion. The Commuscore tool leverages existing stokvel networks typically used in the informal financial sector, monitors these transactions and uses this transactional data to compute a credit score for the members.
