On The Payroll

South Africa: Finclusion fintech plans expansion into Mozambique, Uganda

By David Whitehouse

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Posted on November 8, 2021 15:27

Finclusion © Photo supplied.
Photo supplied.

South African fintech Finclusion is aiming to enter Mozambique and Uganda in the second quarter of 2022, CEO Timothy Nuy tells The Africa Report.

The plan is for the company to start offering its “wage streaming” product, which allows employees who need it to be paid early, in the new countries, Nuy says in Cape Town. Finclusion is currently going through the licensing process in both countries, he says.

Credit providers, such as Finclusion and Bayport Management, are betting that allowing companies to pay employees early, if needed, provides a cheaper solution than pay-day lending. In September, Finclusion secured $20m in a funding round with Lendable, which provides fintech debt financing in emerging and frontier markets.

Finclusion, which focuses on direct lending, credit scoring and also has an SME loan portfolio, currently operates in South Africa, Eswatini, Kenya, Namibia and Tanzania. Nuy says Finclusion is likely to announce fresh funding “in the next month or two,” to support its expansion. The company aims to become a

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