South Africa-based Select Africa has adopted various digital offerings from Veefin Solutions, including systems for onboarding, loan origination, loan management, reporting, and collections.
In a stock exchange filing, the companies said that this integration will optimise Select Africa’s lending processes, improve customer experiences, and encourage innovation within its financial products.
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The aim is to support the financial services group’s digital transformation in South and East Africa.
Veefin Solutions co-founder and CEO Raja Debnath said: “Select Africa’s decision to onboard Veefin’s Digital Lending Suite underscores their commitment to financial innovation and inclusion.
“As lending evolves, the adoption of advanced solutions is no longer an option but an absolute necessity.”
The implementation of Veefin’s Digital Lending Suite will not only streamline operations but also support Select Africa’s expansion into new markets.
This move is expected to promote technology-driven financial inclusion and serve a demographic often overlooked by traditional banks.
Select Africa retail CEO Wayne Faulds said: “This collaboration with Veefin Solutions aligns perfectly with our vision of becoming a digitally-driven financial institution that prioritises convenience, efficiency, and accessibility.
“By leveraging Veefin’s comprehensive lending suite, we are confident in delivering an unparalleled, digital-first lending experience to our customers across multiple geographies.”
Select Africa has been operating since 1999, specialising in unsecured retail loans, incremental housing microfinance, education loans, and consumer lending.
Last month, Invest Bank, a financial institution in the UAE, partnered with Veefin Solutions to digitise its supply chain finance (SCF) services.
This alliance aims to accelerate the financing process for businesses in the UAE by replacing manual processes with a digital platform.
