CFIT report highlights the potential of financial hygiene tools for small businesses.
Highlights:
- CFIT report suggests financial health tools can add $5B to SME lending.
- Improving financial hygiene may support small business growth.
- Lenders encouraged to adopt technology for better lending decisions.
A new report from the Centre for Financial Inclusion and Technology (CFIT) suggests that enhancing financial health tools could unlock up to $5 billion in lending for small and medium enterprises (SMEs).
The report highlights the importance of improving financial hygiene among SMEs, which can lead to more accessible financing options.
By leveraging advanced technologies, lenders can make better-informed decisions, ultimately benefiting the SME sector.
The findings emphasize the untapped potential in SME lending, advocating for a shift towards technology-driven solutions to boost financial support for small businesses.
