The National Credit Regulator (NCR) in partnership with the International Finance Corporation (IFC) and the Government of Japan announces the launch of the NCR Onboarding TechSprint, also known as a hackathon. This collaboration seeks to leverage technological advancements to enhance resilience and regulatory compliance of small credit providers in South Africa.
The NCR Onboarding TechSprint will bring together inventive software developers and tech companies, along with industry experts to ideate and build innovative digital solutions for the credit industry. The key focus of the TechSprint is centered on addressing the problem statement, “How can we leverage on technological innovation to improve the resilience and compliance of small credit providers?”
The aim of this initiative is to enhance and encourage the adoption of digital processes for regulatory compliance among small credit providers to improve the credit information sharing ecosystem within South African consumer credit market.
Participants will be encouraged to think outside the box, identifying cutting-edge technological solutions that will enable the small credit providers an automated submission of credit information, reporting and regulatory requirements returns to the NCR and credit bureaus.
NCR Chief Executive Officer, Nomsa Motshegare, expressing enthusiasm about the TechSprint, said, “Small credit providers play an important role in providing financial services to underserved consumers. We are delighted to announce our collaboration with the IFC and Government of Japan in this endeavor. The TechSprint will offer a distinct opportunity to harness the revolutionary capabilities of technology within the credit industry.”
“Timely and accurate credit reporting is an essential but sometimes overlooked element of economic development,” said Adamou Labara, IFC Country Manager for South Africa. “This TechSprint event will build new technology solutions that will help South Africa’s small credit providers comply with credit reporting regulations and improve their operations.”
The NCR onboarding TechSprint briefing session will take place virtually on 22 August 2023. Software developers interested in joining the TechSprint must attend a compulsory briefing session, prospective participants can Register Here.
To learn more about the NCR Onboarding TechSprint visit the National Credit Regulator Website for more information.
