Your phone usage data can predict whether you are willing to repay loans
Smartphones can be used to develop alternate risk profiles for potential customers
Companies that lend to the unbanked or South Africans without credit scores are expected to use data gleaned from smartphones to develop an alternate risk profile for a potential customer.
While the concept is already entrenched in countries in Asia and Europe, it is new in SA. But it is expected to be used more frequently in the future as banks and other lenders look to widen the pool of new customers.