In the midst of the growing rate of default in the micro-credit ecosystem, Configure, a bank-level core lending platform that enables users to build, launch, and manage any type of loan product end-to-end, has been unveiled.

The product promises to offer the lender a single interface for assessing the creditworthiness and profile of a borrower at a speed and cost that is much higher than what the conventional credit bureaux offers.
Speaking on the product, Founder and CEO of Evolve Credit, Akan Nelson, stated that the vision was to make access to credit and financial products more inclusive, accessible and transparent for millions of individuals and small businesses.
“We want to power thousands of new loan providers over the next five years, we want to make billions of dollars in credit available to millions of people and SMEs.” he said.
With rising income and a projected population of 1.7 billion, yearly spending by African consumers and businesses is expected to reach $6.66 trillion by 2030. These trends are spurring growing markets in a range of sectors where. Africans have unmet needs, including food, beverages, pharmaceuticals, financial services, healthcare, technology, housing, and education.
There is also an estimated $300 billion credit gap in Africa. Accessible credit is important to bridge these gaps and Evolve Credit, through Configure cloud lending software, said it was tackling these challenges to unlock the growth potential of Africa.
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