Story of progress with Advancly: Enabling growth with credit
From Lagos to Johannesburg to Nairobi, Africa is teeming with the spirit of entrepreneurship. Whether they run technology startups, traditional industry businesses or small neighbourhood kiosks, African entrepreneurs play a signiﬁcant role in driving economic growth and development on the continent.
Africa has the propensity to be a booming marketplace for credit as it is home to a vast population of entrepreneurs and consumers who, through credit, can be empowered to build better businesses and live better lives. Current ﬁgures show that 65% of African Micro, Small and Medium Enterprises (MSMEs) do not survive beyond their ﬁrst 3 years of existence because they cannot access capital to grow and scale their businesses – a statistic that could be greatly improved if these entrepreneurs had access to credit-for-scale.
Advancly is a Credit-Tech company that is working to close the lending gap in Africa and emerging markets by innovating access to credit for aggregators who extend ﬁnancial value to consumers. Advancly empowers these businesses with debt capital and embedded ﬁnance, through which they can enable their ecosystems to access and utilise credit to grow. In short, Advancly is Powering Progress with Credit.
“We believe that, when used right, credit can unlock the potential of African entrepreneurs, fuel innovation, and drive economic growth”, says Lotanna Julian, CEO of Advancly. “Our ultimate goal is to inject $500 million in debt into creditworthy MSMEs in Africa and emerging markets by 2026. This is why we look to partner speciﬁcally with organisations who, like us, are working to build the rail tracks for a modern and more robust ﬁnancial ecosystem in Africa and emerging markets. Our progress partners are responsible lenders, who operate with a mindset that is centred around the consumer and their growth.”
Advancly has been in existence for two years and has, during that time, cultivated meaningful and impactful relationships with their “Progress Partners”, which they are documenting in a series of short documentaries.
“We believe very strongly in the power of storytelling and we intend to use it to build strong narratives around the impact we’re making and we intend to make through our work”, says David Oyawoye, Brand & Marketing lead at Advancly. “Numbers are great but we are also driven by real-life stories of the people we’ve worked with, whose lives and businesses have been transformed by credit.”
The ﬁrst instalment of this series of impact stories follows the impact of Advancly’s relationship with CredPal, a BNPL tech company pioneering consumer credit ﬁnancing in Africa.