Credit in Africa and Identity Theft

Whilst doing my normal quick checkin of trends on Linkedin this morning, I noted that Transunion appointed a new CEO, Lee Naik, see post here, and I wish Lee all the best in this exciting position.

The appointment reminded me on something I shared with Transunion Africa a few years ago, but could never get someone to discuss with 🙂

A few years ago I made contact with Transunion, whom I believed to be well positioned to make a dramatic impact in two areas, online ID theft protection and extending credit checking facilities to people outside of traditional credit check eco system, which is most Africitizens across the Continent.

ID theft, especially online remains a big challenge, and would increase significantly over the next years.

The solution lies within the grasp of Transunion, create an app that I can switch my credit ID on and off, that is controlled by Transunion servers, thus if someone wants to do credit transactions in my name, and my ID is off, then that transaction would be declined, and I will be alerted, also for any credit transactions Transunion can build in two factor authentication, once again protecting me as Transunion subscriber.(Revenue stream)

The second proposal made was to utilise Mobile customer data, combined with algorithms to build a credit profile on customers, even though that customer may never have had officially tracked credit networks, most Mobile Operators do this credit scoring today, through services that advances credit airtime to customers, with algorithms they run in backend to build a credit score.

The building of a credit score holds immense potential for the Continent, as it opens up the ability for customers to get access to credit previously not available, and for providers of products and services access to untapped market.

Transunion Africa I believe is well poised for offering such services across the Continent.

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