The National Credit Regulator (NCR) and the IFC - International Finance Corporation have come together to bring about an innovative competition aimed at supporting the digitisation and regulatory compliance of small credit providers in South Africa.
The initiative will incorporate a TechSprint and subsequent Showcase event, engaging software developers and technology teams to create robust, cost-effective solutions and showcase ready to be introduced to the market solutions. These solutions are specifically targeted towards small credit providers, with the ultimate objective of enhancing financial inclusion for underserved borrowers.
The two events aim to leverage technological innovation to improve the resilience and compliance of small credit providers. The TechSprint week, also referred to as the Hackathon, will take place from 16 to 19 October 2023. Participating teams will have four days to build prototype solutions, with support from industry experts who will provide valuable insights to the participating team.
A demo day will follow on 20 October 2023, where the tech teams will present their prototypes to a panel of judges. At the end of the presentation, winners will be announced, with the prize that includes an incubation programme aimed at assisting the winner to take their solution to market.
The Showcase event will take place on 24 October 2023 where tech companies will Showcase their existing solution geared on improving resilience, inclusion, and compliance with the National Credit Act (NCA).
Small credit providers play a significant role within the South African financial ecosystem, serving the base of the pyramid and the last mile, “many of these providers encounter challenges in complying with Regulation 19 (13) of the (NCA), which prescribes the requirement for credit providers when submitting credit information to a credit bureau. This barrier in many cases serves as a limitation for individuals from participating in and contributing to the expansion of the national economy. With the support of our partners, the NCR had to find innovative ways to solve these challenges” the NCR Chief Executive Officer, Nomsa Motshegare said To learn more about the NCR Onboarding TechSprint and Showcase visit: https://www.ncr.org.za/index.php/publications/techsprint for more information.
About The National Credit Regulator (NCR)
The National Credit Regulator (NCR) was established in terms of the National Credit Act, (NCA) 2005 (Act 34 of 2005)) and is responsible for the regulation of the South African credit industry. The NCR is mandated with the registration of Credit Providers, Credit Bureaus, Debt Counsellors, Payment Distribution Agents, Alternative Dispute Resolution Agents; and monitoring their conduct in compliance with the NCA. The NCR offers education and protection to consumers of credit in promotion of a South African credit market that is fair, transparent, accessible, and dynamic.
About International Finance Corporation (IFC)
The International Finance Corporation (IFC), a member of the World Bank, is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.
For more information contact:
National Credit Regulator (NCR) Phone: +27 64 752 3920
For interviews contact:
National Credit Regulator (NCR) Phone: +27 64 752 3923