Configure Cloud Lending Platform, a core lending solution that enables lenders to manage the entire value chain of the loan process, has announced the launch of Evolve Credit, offering a flexible, reliable, and cost-effective loan disbursement channel. Evolve Credit is Software as a service (SaaS) platform, which is a cloud-based software delivery model that provides lending infrastructure for Africa and emerging markets.
“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,” said Akan Nelson, CEO, Evolve Credit, stating that the platform is built specially for Africa.
According to Nelson, one major problem with the credit industry in Nigeria and the rest of Africa is the lack of affordable infrastructure to lend effectively and quickly. He said 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,” Nelson said.
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He states further that these manual processes significantly increase the credit decisioning and loan disbursal time for lenders. Accordingly, Nelson posits that the average lender takes 3-14 days to make a decision on each loan application received, resulting in long turnaround time and customer dissatisfaction. Hence, Evolve Credit wants to cut that down to a maximum of 24 hours for every single loan provider in Africa.
Speaking further on options available to lenders, Nelson said the alternative is to build in-house, which requires ongoing maintenance and is both time and money consuming. Therefore, Nelson believes 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.
Daniel Osineye, CTO, Evolve Credit, said 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.
According to him, the platform 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 customisable platform. “Any business that offers any kind of loan or credit product can use Configure,” he said.
Osineye posits that the product is ideal for new lenders seeking to launch quickly, easily, and cost-effectively. The platform is also suited for Microfinance banks, cooperatives, and savings societies seeking to digitize their manual lending process.
“Evolve Credit is built for Fintech companies seeking to start offering loan and credit products. Businesses seeking to embed financing and flexible payment options into their online and offline sales process and big banks seeking to pilot digital-first lending brands,” Osineye said.
