What is a CedisPay Credit Score and why is it important??

CedisPay credit Score is a tool that helps customers unlock larger loan amounts and improved loan terms from CedisPay. CedisPay uses the digital footprint and data (including mobile-phone usage patterns, utility-bill payment history, and others) to determine a customer credit score. CedisPay through the use of daily life digital footprint and data to help people with no financial identity (credit bureau data or scores) to have financial identity to access financial services.

CedisPay operates its business using the payment system rail that the unbanked and under bank community uses. CedisPay uses existing payment rails in banking and tele-communications to digitally provide loans unbanked and under bank communities.

CedisPay uses the daily life digital footprint and data (including mobile-phone usage patterns, utility-bill payment history, and others) of customers to determine credit risk and therefore CedisPay targets customers with mobile money account and exhibits good credit habits with regular and stable income, stable business/employment and use mobile money account/bank account for their business & every day activities and have smartphones with internet access.

CedisPay through a requirement for small businesses to use mobile money accounts to pay for their business expenses and or receive business income help those with customer financial identity to build good financial records to have a choice to access bigger loans from the financial services sector.

CedisPay through a reward mechanism for good savings and insurance habits help customers build strong habits to have choice and control over their financial well-being.

CedisPay identifies itself as a data science and mobile technology company and primarily uses the following to underwrite a loan:

• Financial Transaction Data from mobile money statement and bank statements
• Utilities company data
• Telecom data
• Smartphone Data -Mobile phone data (call records, usage and other data)
• Psychometric
• Social Media

How is my initial CedisPay Score set?

An initial CedisPay credit Score which varies per user is assigned after you apply for your first loan. CedisPay ask you some questions about your everyday life including your income, your consistency of you paying your everyday commitments like rent, utilities, payment of family obligations, how you make decisions about your financial life (savings, insurance) and your standing in the community through your payment of business permits, association dues , tax payment and helping others

You can improve your CedisPay credit score by doing the following: 1. Spending less than you earn, 2. Paying your bills on time, 3. Saving to have sufficient liquid and long-term funds for emergencies and investments and 4. Having an appropriate insurance and unlock large loan amounts and improved loan terms (e.g. lower interest rates).

CedisPay credit Score rewards a number of financial habits such as:

• Good credit habits
• Savings habits
• Insurance habits
• Use of mobile money account for business activities habits
• Recording keeping or referencing business activities on mobile money/bank account habits

CedisPay credit score range between 0 and 100 split into the following brackets:

How can I increase my CedisPay credit Score?

You can improve your CedisPay credit score by doing the following: 1. Spending less than you earn, 2. Paying your bills on time, 3. Saving to have sufficient liquid and long-term funds for emergencies and investments and 4. Having an appropriate insurance and unlock large loan amounts and improved loan terms (e.g. lower interest rates).

CedisPay credit Score rewards a number of financial habits such as:

• Good credit habits
• Savings habits
• Insurance habits
• Use of mobile money account for business activities habits
• Recording keeping or referencing business activities on mobile money/bank account habits

How to get a CedisPay credit score?

Go to the CedisPay website landing page and use the pre-approval calculator to obtain your CedisPay credit score