The National Credit Regulator (NCR) of South Africa has joined forces with the International Finance Corporation (IFC) to introduce an onboarding hackathon aimed at aiding small credit providers.
In a joint announcement, the NCR and IFC unveiled their partnership, highlighting the hackathon’s objective to utilize technology for fostering the adoption of digital processes. The initiative aims to enhance the resilience and regulatory compliance of small credit providers while also improving the credit information sharing ecosystem within South Africa’s consumer credit market.
The hackathon will convene software developers, tech firms, and industry experts to address the challenge of utilizing technological innovation to strengthen the resilience and compliance of small credit providers. Participants will be tasked with identifying technological solutions that enable small credit providers to automatically submit credit information, reports, and regulatory requirements to the NCR and credit bureaus.
Nomsa Motshegare, CEO of the NCR, emphasized the vital role played by small credit providers in delivering financial services to underserved consumers. She expressed enthusiasm for the collaboration with the IFC and the Japanese government in this project.
Adamou Labara, IFC South Africa’s country manager, emphasized the significance of timely and accurate credit reporting in economic development. He stressed that the techsprint event (hackathon) will develop innovative technological solutions to assist South African minor credit providers in adhering to credit reporting regulations and enhancing their operational effectiveness.