SC Ventures: Collaborate with Yabx on financial inclusion in Africa
- SC Ventures is a business unit that provides the platform & catalyst for Standard Chartered to promote innovation
- Yabx, a company incubated by Comviva and part of the Mahindra Group
- To address a deep-rooted need for responsible consumer finance in Africa
- Africa has over 700 million mobile wallets, and about 450 million bank accounts but access to formal credit
- The COVID-19 pandemic has accelerated digitization in the financial sector and created a fertile environment
- These loan products will be initially launched in Uganda and then subsequently expanded to other countries in Africa
