The poorest 10% of SA households are trying to survive on R920 a month, according to the latest FinTech Short-term Credit Impact index
Almost two out of three applications for short-term credit were turned down at the start of 2022, according to the latest edition of the FinTech Short-term Credit Impact (Afsci) index compiled by technology group Altron, adding to the woes of poor South Africans.
This points to low levels of credit worthiness among most credit applicants and is “reflected in the relatively low rates of growth in consumer credit extension, and in the favouring of secured credit, i.e. mortgages and asset finance, over other forms of credit,” according to economist Keith Lockwood, who compiled the index...
