At CedisPay, we take pride in our meticulous credit assessment process, ensuring responsible lending decisions. Our approach goes beyond traditional credit bureaus, encompassing a comprehensive evaluation of credit and character. Here's an in-depth overview of our methodology:
• Credit Bureau Data: We collaborate with two leading credit agencies in Ghana, XDS and Dun & Bradstreet, obtaining credit bureau data. This forms a crucial part of our assessment. If our algorithm detects outstanding arrears or a history of missed payments, the application is automatically declined
• Alternative Data Sources: To gain a holistic perspective, we delve into alternative data sources, including bank statements, pension statements, savings statements, social media interactions, e-commerce transactions, and mobile money statements. These sources provide insights into the applicant's financial behavior and character.

Loan History and Status: CedisPay prioritizes a thorough review of bills payment and loan repayment behaviors. This core principle ensures that customers maintain a commendable track record of managing credit.

The Importance of the Last Three Months: Scientifically, it takes consistent action over a period of at least 90 days (3 months) for a habit to form. Our request for the most recent three months' credit history is based on this belief. Analyzing the borrower's behavior over this timeframe helps determine if they've developed the habit of consistently paying bills and credit on time.

Securing Your Eligibility: To ensure eligibility for a CedisPay loan, consider timely repayments and diligence in meeting all scheduled loan repayment dates. A consistent record of on-time repayments prevents arrears on your credit bureau report

Committing to Loan Schedules: Building a Foundation of Strong Credit Character": At CedisPay, safeguarding the integrity of your credit character is our priority. To secure your eligibility for a loan, please consider the following:

• Timely Repayments: Maintain a consistent record of on-time loan repayments to prevent arrears from appearing on your credit bureau report.
• Scheduled Payments: Demonstrate diligence in meeting all scheduled loan repayment dates. Missing three or more dates, even if subsequently paid, could impact your eligibility.

Remember, your credit character is invaluable, and exhibiting responsible financial behavior is crucial for unlocking greater financial opportunities with CedisPay.

Important Reminders for Your Credit Character:
• A customer with arrears of loans on their credit bureau report is ineligible for a CedisPay loan
• The same applies to those who have previously missed at least three loan repayment scheduled dates, even if outstanding amounts have been paid off
Similar criteria are applied by CedisPay when reviewing timely payment of your bills in the absence of loan history.

• Instant Loan Decision Process:
  • CedisPay Scoring Process: Our automated system evaluates creditworthiness using a scoring mechanism
  • CedisPay Capacity Assessment (DTI): The system examines the Debt-to-Income ratio, assessing the ability to repay the loan
  • System Approval Decision: Based on scores and capacity assessment, the system autonomously approves or declines the loan application
• Document Review Process:
  • Identity Verification:
    • Proof of Identity Check: CedisPay validates identity through the National Identification Authority (NIA).
    • Proof of Residence Check: Residence is confirmed through documents like utility bills or rental agreements
  • Creditworthiness Assessment:
    • Credit Bureau Data: Collected from two credit bureaus, manually verifying payment consistency
    • Bank Statement Review: Our staff scrutinizes three months of bank statements for consistency
    • Mobile Money Statement Review: The team reviews three months of mobile money statements
  • Income, Expenses, and Debt Verification:
    • Bank Statement and Mobile Money Analysis: Software assesses transaction history, expenses, and debt verification

This comprehensive assessment ensures CedisPay's commitment to responsible lending. Your credit character matters, and we're dedicated to empowering your financial journey. 💙✨ #CreditAssessment #FinancialEmpowerment #CedisPay