非洲包容性信贷金融科技创新融资（英）2025

January2025•David Kruijff and Alexander Sotiriou CGAPRights and Permissions This work is available under the Creative CommonsAttribution 4.0 International Public License (https://creativecommons.org/licenses/by/4.0/). Under the 1818 H Street, NW, MSN F3K-306Washington, DC 20433Website:www.cgap.org Cover photo by iStock.com/peeterv. Attribution—Cite the work as follows: Kruijff, David, andAlexander Sotiriou. “Innovative Financing for InclusiveCredit Fintechs in Africa.” 2025. Working Paper.Washington, D.C.: CGAP. https://www.cgap.org/ © CGAP/World Bank, 2024. Translations—If you create a translation of this work,add the following disclaimer along with the attribution:This translation was not created by CGAP/World Bank Adaptations—If you create an adaptation of this work,please add the following disclaimer along with theattribution: This is an adaptation of an original work by All queries on rights and licenses should be addressedto CGAP Publications, 1818 H Street, NW, MSNF3K-306, Washington, D.C. 20433 USA; e-mail: Acknowledgments This focus note was made possible by the invaluableinsights gained from interviews with inclusive creditfintechs and innovative asset managers. CGAP extendsits heartfelt gratitude to these partners for their This research would not have been possible withoutthe outstanding efforts and commitment of BriterBridges and DFS Lab. Briter Bridges provided invaluabledata analytics and advisory on underserved Africanmarkets, showcasing its unmatched expertise. DFS Lab Inclusive Credit Fintechs: 4G Capital, Boost Technologies,Field Intelligence, Kopo Kopo, Kuunda, M-Kopa, Moove,Numida, Oystr Finance, Vula, and Wasoko. The research team greatly benefited from Lendable’svaluable insights and research participation. Finally, theresearch team thanks Pedro Xavier Faz de los Santosfor his technical direction, and Anaar Kara and EstelleMarie Lahaye for their peer reviews. Furthermore, Innovative Asset Managers: Accial Capital, ALMASustainable Finance, Cauris Finance, CommunityInvestment Management, Global Innovation Fund, Contents Executive Summary Introduction SECTION 1:Financing of Inclusive Credit Fintechs: Past and Present5 The growth of funding for inclusive credit fintechs5Traditional funding instruments7Most inclusive credit fintechs fail12How can traditional investors improve?15A data-driven investment approach to the early-stage financing gap15 SECTION 2:Financing of Early-Stage Credit Fintechs: The Future18 Step 1: Data IntegrationStep 2: Process Innovation SECTION 3:Bridging the Gap for Inclusive Credit Fintechs: Innovation, Knowledge,and Partnerships 31 Appendix Table A.1.Product taxonomyTable A.2.Funding stage taxonomy Acronyms AIArtificial IntelligenceAPIApplication Program InterfaceB2BBusiness-to-Business B2B2C BNPLBuy Now, Pay LaterCIMCommunity Investment ManagementDFIDevelopment Finance InstitutionEMDEsEmerging Markets and Developing EconomiesEUREuropean Union EuroFSPFinancial Service ProviderK ShKenyan ShillingLLMLarge Language ModelMSEMicro and Small EnterpriseNGONon-Governmental OrganizationRBFRevenue-Based FinancingSaaSSoftware-as-a-ServiceSAFESimple Agreement for Future EquitySFTPSecure File Transfer ProtocolSPVSpecial Purpose VehicleSSASub-Saharan AfricaUSDUnited States Dollar Executive Summary THIS FOCUS NOTE EXPLORESinnovative financing strategies for reachinginclusive credit fintechs in Africa, particularly A new generation of innovative asset managers ispioneering these alternative financing methods. Byleveraging application program interfaces (APIs) andother means of data integration, these managersgain real-time access to fintechs’ financial andoperational data, enabling advanced risk managementand customized loan structures. Instruments like those targeting underserved micro and smallenterprises (MSEs). These fintechs have the potential to address the estimated US$ 4.9 trillion global creditgap for MSEs.1However, access to diverse and suitablefunding sources remains a critical challenge, especiallyfor early-stage fintechs that are not yet profitable.While venture capital (VC) has traditionally beena primary funding source, it is relatively inefficientand costly, making it unsuitable for growing loanportfolios. Debt, as the most appropriate instrumentfor scaling a loan book, is increasingly essential forearly-stage credit fintechs with positive or improvingunit economics that have yet to reach breakeven. Therisk aversion of asset managers toward early-stage However, adoption of these advanced financing tools ishampered by a significant knowledge gap. Many assetmanagers and fintechs remain unaware of the benefitsof data-driven investing or lack the technical capacityto implement these systems effectively. To addressthis, the development finance community can support Introduction M accompanied by a surge of credit providers outside ofthe financial sector targeting MSEs, including onlinee-commerce business-to-business (B2B) or busine