January 2021 saw smartadvance successfully complete the implementation of TruId’s Collect platform that promises to change the way customers interact with nifty, the direct to consumer lending platform. TruID’s innovative platform enables consumers to safely and rapidly share their banking information with nifty during the loan application process in a manner that not only promises privacy for the consumer but serves to reduce time spent on the loan application process, meaning that customers received their funds even quicker than before. Nifty, the direct-to-consumer brand of smartadvance, a registered credit provider strives to provide safe, accessible online credit quickly and easily using its innovative technology platform. “We integrate into anything you’re creating; whether you’re a lender, aggregator, PFM tool or an aspiring fintech, TruID has developed a trusted & secure financial data sharing ecosystem for you, says Paris Valakelis of TruId. Our ongoing commitment is to be the leading provider of API’s, one that enables financial innovation but also promotes the digital transformation of the financial industry.” Concludes Paris The Collect Platform emphasises on maximising user adoption by creating a trusted user environment. “Nifty’s vision is to deliver relevant, accessible financial solutions, safely and easily using innovative technology. Giving our customers the ability to apply for credit quickly is our promise; creating a secure online environment in which they interact with our brand improves customers experience and trust for our users which is what will build our brand for the long term. TruID helps us take another step forward in realising this objective.” Concludes Mark Young, CEO of smartadvance.
Smartadvance, a registered credit provider and online lender recently launched their new wage streaming product which aims to assist employees of their current wellness program with emergency funds at a much lower cost than a personal loan, in a safe and secure environment. Wage streaming is a service that allows employees to access a portion of their salary owed to them for the month but that has not yet been paid. Employees can access a percentage of their salary paid directly into their personal bank account at any point in the salary cycle, for a low, affordable fixed fee. Wage streaming has become a more widespread trend as the cost of personal loans have become more expensive to many consumers. Today, there are an estimated 22.5 million credit active users in South Africa, and about 41% of these are considered to be high-risk borrowers, and possibly overindebted, unable to meet monthly commitments. “Our financial wellness programme, run through smartadvance enables us to assist employees of our payroll partners with the funds they need for everyday emergencies without compromising their financial wellbeing and at a cost of less than 10% of a traditional pay-day loan.” Says Mark Young, CEO of smartadvance South Africa. Employees can stream their chosen amount with the option to be paid in tranches or in full at a flat fee charged per transaction. Due to the diversity of consumers within the payroll partners, smartadvance have considered accessibility for their customers making the wage streaming service available via USSD, online or via the smartadvance app. “We understand and listen to our customer concerns or difficulties which is why we have launched this product. It provides access to affordable emergency finance to a range of consumers that might not have been able to access as cost-effective solution from the mainstream market,” concludes Young. ENDS For more information on an Employee wellness programme for your company visit www.smartadvance.solution or email email@example.com https://mycreditstatus.co.za/articles/shocking-statistics-about-credit-scores-in-sa.php#:~:text=There%20are%20around%2022.5%20million,are%20very%20high%2Drisk%20borrowers.
smartadvance have introduced a rehabilitation product for our employer partners that will provide much needed financial relief to hundreds of employees. According to the Debt Counselling Association as of December 2019 approximately 10 million credit consumers were classified as impaired, having an average of 8 loans agreements at a time. With 44% of households (combined) earning between R1500 – R7000 per month and with a very low discretionary savings level, it is no wonder that families need to resort to credit as a means to survive each month. Although this may assist as a short-term solution, many find themselves unable to meet monthly commitments, often resulting in over indebtedness. smartadvance identified the problem within one of our key employer partners, finding that the employees had an average of R28 000 worth of debt, struggling to manage their personal financial portfolio. It was for this reason that GetBucks established a rehabilitation product that would provide financial relief to these employees, reducing the number of debtors, allowing them to pay one lower monthly installment and often saving the customers between R800 – R1000 per month. “Although the rehabilitation product is newly launched with in the company, we have already seen the positive results with customers that were previously struggling, saving money monthly and managing their debt more efficiently.” Says Mark Young, CEO of smartadvance South Africa A loyal customer of smartadvance, after being in debt review and struggling financially for the past 8 years, is finally able to manage his personal finances more efficiently, make it through the month and meet his financial commitments. “I never thought smartadvance could help me with my debt. When they told me about the rehabilitation product, I could not believe it but wanted it to try it. I am truly happy with their service and how they have helped me in the past years. I will always comeback to them when I need help. Thank you smartadvance, I am so relieved.” Says Fanisile smartadvance is a registered and regulated credit provider that uses customized credit scoring technology combined with artificial intelligence to not only extend credit to our customers when and where they need it, but strive to help our customers make financially sound decisions for the long term. “It is our goal to empower consumers to achieve financial health. By providing our clients with educational tools and extending credit responsibly, smartadvance aims to enable clients to make financially sound decisions for the long term,” Concludes Young
Pretoria, South Africa, April 15, 2020 --(PR.com)-- smartadvance (Pty) Ltd., part of the Finclusion Group and a South African company focusing on digital financial and insurance solutions, have signed a partnership agreement with Innovative Assessments International, Ltd. (“IA”) to promote financial inclusion and extend more credit to those in need. According to the World Bank, over half of Sub-Saharan Africans lack a bank account and access to formal financial services, which are fundamental for economic growth. smartadvance recently tested IA’s psychometric credit scoring solution, Worthy Credit, to provide complementary data for further enabling financial inclusion in Africa. The company has since decided to start implementing Worthy Credit in both Kenya and South Africa. “We found Worthy Credit’s empirical results to be impressive,” says Mr. Mark Young, CEO of smartadvance South Africa, “and we are excited to add the technology to our assessment model.” “Our company is fortunate to be a part of GetBucks and Finclusion’s digital financial services. We look forward to working together, and having a positive impact in the region,” adds IA Founder & CEO, Saul Fine, PhD. About smartadvance smartadvance is a South African financial services and insurance business with operations in South Africa, Eswatini and Namibia. As part of the Finclusion Group, it assists the remaining portfolio companies with credit solutions. Among the company’s multiple brands, GetBucks and Haraka enable financial inclusion and empower its customers with unique consumer and business lending products. https://smartadvance.co.za About Innovative Assessments Innovative Assessments (IA) is a fintech company that uses psychometrics to assess creditworthiness based on a borrower’s personal character. IA’s solution, Worthy Credit, augments traditional credit scores, and helps lenders from around the world to increase loan approvals among marginal and underbanked customers. https://www.iassessments.com
__The ability to serve our customers from anywhere, anytime has further been tested by the corona pandemic that is changing the way that people live their daily lives.__ At smartadvance we pride ourselves on being able to say that we are a fintech company and the technology that we use and develop enables smartadvance to extend credit to our clients quickly, safely and from anywhere. The ability to serve our customers some anywhere, anytime has further been tested by the corona pandemic that is changing the way that people live their daily lives and more so how we conduct business; with many company closing their doors, forcing staff to work from home. smartadvance, part of the Finclusion Group, is an NCR registered credit provider that helps customers manage their money better using personal data and aims to empower customers through financial wellness and education, as well as assist clients through financial services and debt rehabilitation. The adoption of the Zailab platform in March has been true testament to the capabilities that GetBucks boasts on a day to day basis. With the country wide movement to take our children out of school, stay home, and for many close office doors, smartadvance has followed suit and found that servicing our clients from the comfort of our own homes has been just as easy as sitting in a bustling office. Zailab is a next-generation cloud-based contact center platform. With the use of AI, Zailab is able to route and prioritise interactions from any channel, any time, allowing companies to be more efficient when it comes to customer engagement, customer retention, sales, and the customer journey. Fully integrated with the custom-made smartadvance loan platform, Fincloud, the nifty Call Centre, composed of the sales and customer service teams, are able to access Zailab from the safety of their homes, taking care of their families, and are still able to service clients just as they would from the office. “The health and wellbeing of our staff and their families is our critical priority. Without their hard work, passion and commitment, we would not be able to continue to support our customers and their needs through a great customer experience.” Says Mark Young, smartadvance South Africa CEO “We are proud to be able to offer our staff a solution to look after themselves and their families by using technology that allows them to work from anywhere, especially during tough times like these. The technology that we create and adopt needs to be able to work for all parties which is clear in times like the Covid-19 outbreak.” Mark Young Through the use of Office 365’s Teams chat platform, colleagues are able to communicate with the same instant feedback as a face-to-face conversation; the Fincloud platform available through VPN allows staff to access clients loans, create new profiles, approve or decline loans, and with the use of Zailab can make and receive phone calls, access client history, and assist with customer queries as they would from the office, making the work from home policy easy to implement anytime. “Its times like these that we see the true value of the technology that we develop. With the use of Zailab, smartadvance can allow staff to care for themselves and families as well as continue to deliver fantastic service to their clients.” Says Nour Addine Ayyoub, CEO and Founder of Zailab Companies around the world should follow suit, unlocking capabilities from technology that can not only streamline business, but prepare companies for even the most challenging circumstances. The beauty of technology is that it is so easily adaptable to any problem or situation.” Concludes Ayyoub
In efforts to streamline internal processes and procedures as well as improve customer experience, GetBucks South Africa will be adopting a new communication platform that will drastically improve daily operations. From March 2020, smartadvance South Africa will be using a new state of the art cloud-based system, Zailab, that will work as the core communication system for the business, integrating all operational areas into one centralized platform. smartadvance is an NCR registered credit provider that helps customers manage their money better using personal data and aims to empower customers through financial wellness and education, as well as assist clients through financial services and debt rehabilitation. smartadvance uses bespoke technology to deliver financial services to customers quickly, easily and safely, giving them a seamless and enjoyable brand experience. Zailab is a next-generation cloud-based contact center platform. With the use of AI, Zailab is able to route and prioritize interactions from any channel, any time, allowing companies to be more efficient when it comes to customer engagement, customer retention, sales, and the customer journey. “The adoption of Zailab is a strategic move that will allow smoother communication between departments, improved customer experience and superior customer service delivery to our clients, as well as enhanced reporting to make informed business decisions not only on daily operations but for the longer term vision of the company.” Says Mark Young, CEO of smartadvance South Africa By partnering with Zailab, smartadvance will be able to work smarter and become more efficient in dealing with customers, having access to previous conversations, sales history of the clients, and even finer detail such as what language the customer prefers being assisted in, all contributing to the exceptional service smartadvance has always delivered, now even better. “With AI being one of the core drivers of the smartadvance vision and how we deliver products and services, there is a true alignment between Zailab and smartadvance being innovators in the space that we operate. With Zailab, we are able to better equip our entire workforce with the tools they need to assist any customer, be it sales, customer care or general enquiries.” Concludes Young “By leveraging the resources and AI capabilities from both Zailab and smartadvance, we see great opportunity for both businesses to learn and grow in this space. We are very excited to be collaborating with a company that shares the same technology driven vision, and look forward to enhancing current, and building more relevant innovative solution driven platforms that help create more streamlined businesses in South Africa.” Says Nour Addine Ayyoub, CEO and Founder of Zailab
smartadvance South Africa and Van Schaik Bookstore are pleased to announce they have entered into a strategic partnership that will drive meaningful and effective financial and educational access to thousands of students and studying professionals across South Africa. smartadvance is an NCR registered credit provider that helps customers manage their money better using personal data, and aims to empower customers through financial wellness and education, as well as assist clients through financial services and debt rehabilitation. With the importance of education and a vision of enablement playing an increasingly critical role in samartadvance’s product expansion, it was a natural fit to partner with Van Schaik, which uses a digital and physical platform to deliver studying materials from stationary to laptops and aligns to the same vision of enabling and assisting ordinary South Africans with meaningful and responsible education. “The partnership with Van Schaik allows GetBucks to continue to deliver on its promise of ensuring that our customers borrow responsibly and for the right reasons, by providing products that are designed to meet their needs and help them grow.” says Mark Young, smartadvance SA CEO. “By partnering with Van Schaik we have created a fantastic customer focused solution which we are proud to be able to offer to learners across South Africa, allowing them access to tools that may have financially restricted them before, Concludes Young. Established over 100 years ago, Van Schaik was started with the aim of servicing institutions, professionals and students by deploying the most appropriate sales channel for Academic materials in order for them to achieve their educational goals. With over 70 physical branches nationwide and an online store, learners and professionals have access to quality educational materials from anywhere. “By leveraging on each other’s strengths and resources, GetBucks and Van Schaik look forward to delivering relevant, affordable and accessible educational materials to students and professionals across South Africa, says Stephan Erasmus, Van Schaik Managing Director. “The partnership with smartadvance is a major milestone in our mission to service our clients in Africa with quality education material in order for them to achieve their educational goals, which in turn uplifts the greater community's standard of living. We aim to leverage the smartadvance relations with employer groups to offer an affordable and practical education benefit to ensure every employee and their families, irrespective of their salary scale, get a fair chance to the education they deserve. Concludes Erasmus
smartadvance South Africa and Oyi Medical Card are pleased to announce they have entered into a strategic partnership that will drive meaningful and effective financial and medical access to millions of customers across South Africa. smartadvance is an NCR registered credit provider that helps customers manage their money better using personal data, and aims to empower customers through financial education, as well as assist clients through financial services and debt rehabilitation. With technology playing an increasingly critical role in product delivery and customer service satisfaction, it was a natural fit to partner with Oyi, which uses an innovative and fully digital platform to deliver a ring-fenced medical savings card. Oyi aligns to the same vision of enabling and assisting ordinary South Africans with meaningful and responsible financial services through a simple and affordable medical payment solution. “The partnership with Oyi allows smartadvance to continue to deliver on its promise of ensuring that our customers borrow responsibly and for the right reasons, by providing products that are designed to meet their needs.” says Mark Young, smartadvance SA CEO. “Tami and the Oyi team have created a fantastic customer focused solution which we are proud to be able to offer in partnership with our other financial solutions”, concludes Young. Oyi was established in 2017 with the aim of closing the medical gap for the low to middle income earners. The Oyi pay-as-you-use Medical Card is a debit card that is technologically restricted to only allow payment at doctors, pharmacies and medical specialists nationwide. The partnership between Oyi and smartadvance will soon allow clients the ability to pay for larger and complex medical procedures even when there are no funds available on the card. Customers will be able to apply for a nifty loan for a medical emergency, that will be paid directly onto the Oyi Medical Card to encourage responsible credit and reduce reckless spending. By leveraging on each other’s strengths and capabilities, together, smartadvance and Oyi look forward to many successful initiatives together as we begin to deliver relevant, affordable and accessible solutions and financial services to customers across South Africa. The endorsement by smartadvance is a major milestone in our mission to democratise private healthcare within the workplace. We aim to leverage the smartadvance relations with employer groups to offer an affordable and practical wellness benefit to ensure every employee and their families, irrespective of their salary scale, get a fair chance and access to quality healthcare and not only the 20-30% with access a medical-aid. Concludes Tami, Founder and CEO of Oyi Medical Card.
The recently passed Debt Relief Bill that enables the suspension of debt, with the potential for it to be written off, could result in major losses for credit providers and the end of credit lines for many low income earners. The Treasury estimates that the passing of the debt-relief bill could result in a write-off of between R13.2bn and R20bn of consumer debt. Once implemented, the National Credit Amendment Act will allow people who earn less than R7 500 a month and have R50 000 in total unsecured debt - excluding car finance and home loans - and who are over-indebted to apply to the National Credit Regulator (NCR) for debt relief. The NCR will then assess each individual submission. Should the NCR determine the consumer is unable to repay what they owe without its intervention, The NCR will suspend some or all of the repayments for a year. At the end of this period, the NCR will reassess the consumers position and should the consumer be able to repay their debts in five years, they may re-negotiate the period of the debt and interest rates. If the consumer is still unable to repay, they may suspend repayments for another year. At the end of this period, if the consumer is still unable to settle their debts, all or part of it could be written off entirely. “Realistically, if the government estimations of R 13.2bn are written off, the NCR would have to potentially review at least 264 000 agreements, assuming that all are approved. This equates to 22 000 per month and on an average basis implies the Regulator would review 1 000 applications per day. Conservatively assuming that each review takes 45 minutes, this implies a staff complement of close to 120 is required just to assess the case, excluding any review or sign-off process”.,ays Mark Young, CEO of smartadvance South Africa Whilst the objective of the National Credit Act was to expand access to credit to a broader segment of consumers in South Africa, the last four years has seen a range of amendments and supplemental regulation that has constrained access to the market that we as credit providers were intended to service. With lending criteria tightening under the law, millions of low-income credit users will no longer be able to get credit in future, for some the very lifeline they depend on monthly. Besides the risk of many credit users being excluded, the new legislation will also increase the cost of credit, possibly create more opportunity for illegal lenders and loan sharks, as well result in a more turbulent credit market in South Africa. With the opportunity of having debt dissolved, this could result in low income earners incurring more debt without any intention of repaying their loans. “For credit providers such as smartadvance that play a key role in the provision of credit for those unexpected life events and already have conservative credit assessment and affordability criteria in place, the risk is that we will no longer be able to play a role for the broad market that we service.” says Young, “Despite this we remain committed to our customers and the broader market and will continue to create innovative products and channels to support the evolving market and consumer needs” concludes Young
T: +27 12 045 0606
F: +27 86 599 4700
The Wedge - 1st Floor
43 Garsfontein Road,
Waterkloof, Pretoria, 0145
Please contact us to find out more about our business and investment opportunities.