https://techcrunch.com/2023/02/01/south-african-digital-lender-lulalend-to-launch-banking-product-off-the-back-of-35m-series-b/

In most African countries, access to credit remains limited for many small businesses, with the reasons ranging from the inability to pay collateral and lack of credit history to unfavorable lending criteria and high-interest rates. 

Banks and governments have tried to address this gap across different African markets by implementing several loan initiatives, but there’s still enormous work to move the needle. In South Africa, where the annual SME credit gap is about $20 billion, according to the International Finance Corporation, fintechs such as Lulalend are pulling their weight by providing varied loans to underserved small and medium-sized businesses.