The Entrepreneur Africa Magazine

TransUnion Partners with Fincheck to Improve Access to Finance for South Africans

 

Global information and insights company, TransUnion, has partnered with South Africa’s biggest financial marketplace, Fincheck, to make the credit application process easier and less frustrating for consumers.

Fincheck is able to make the process of finding the best-suited bank, lender or insurer seamless for consumers due to its deep understanding of the risk appetites of financial institutions. As a leader in the South Africa credit market, TransUnion helps provide a comprehensive picture of each applicant. By combining the strengths of TransUnion and Fincheck, Fincheck will be able to allocate the right lead to the right bank, lender or insurer – saving time for all parties.

Fincheck compares offers from over 80 of South Africa’s major banks, lenders and insurers, allowing consumers to choose the most suitable and competitive form of finance – helping find credit to cover unexpected expenses or making ends meet, responsibly.

Consumers are able to access a free TransUnion credit report on Fincheck, which helps them understand their financial position to make better, more responsible financial decisions. This report is easy to understand and indicates clear action steps on how to improve their credit score and financial health.

“The TransUnion/Fincheck partnership will assist consumers in managing their finances, especially during these challenging times,” says Hans Zachar, director of emerging markets at TransUnion Africa. “By working with Fincheck we’re helping to increase financial awareness and access to credit.”

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Due to the COVID-19-induced economic squeeze, Fincheck is seeing tremendous interest in consumers wanting to improve their credit scores. As this graph indicates, there was increased demand for reports in January (2020) when consumers become concerned about their credit due to an increase in spending over the festive period. But then COVID-19 concerns kicked in later in the year and there was a steady increase in searches in May, June, July and August.

“Being able to access affordable credit and valuable information in the same place will help South African consumers during these challenging times. Checking the information held on you is accurate before making an application can be an invaluable tool that can help you understand your financial options more clearly. Ultimately, we aim to assist the user with their financial choices and move them toward financial freedom,” comments Michael Bowren, CEO of Fincheck.

Matthias Sunday

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