Financial Inclusion and the importance of providing women with access to safe, responsible credit solutions

Kaya FM’s Tsepiso Makwetla spoke to Kenosi Rakosa, Head of Lending Propositions at EasyPay Everywhere about the importance of helping women access responsible credit to ensure financial inclusion and economic growth in SA.

Interview overview:

Rakosa highlighted the critical need to empower South African women through responsible access to credit, which EasyPay Everywhere (EPE) recognises as being essential for financial inclusion and the nation’s economic progress. Rakosa stressed that if we are to talk about transforming South Africa, we cannot leave women -who head nearly half of the country’s households - out of the conversation.

Rakosa revealed that a significant portion of EasyPay Everywhere’s loan portfolio (76%) is composed of female customers, demonstrating their substantial need for financial support. Yet, despite their central role in managing household finances in this country, many women still face challenges in accessing formal credit.

The existing barriers are often systemic, rooted in a long history of financial exclusion. Many women, particularly those in lower-income groups, end up relying on informal lending channels because they lack access to traditional financial services.

Financial independence is vital, not just for economic growth but also for safeguarding against financial abuse. Rakosa emphasised that while current legislation addresses some issues, it often lacks the nuance needed to fully address the financial needs of women and protect them from economic abuse. She stressed the role of financial institutions like EPE in addressing these gaps by offering lending products that are not only accessible but also structured to avoid exacerbating women's financial burdens.

She pointed out that, while EasyPay Everywhere’s lending solutions are designed for all grant recipients, they are particularly suited to meeting the needs of women, especially those who lack a formal credit profile.

The EasyPay Loans offerings include a range of interest-free and low-interest loans, supported by affordability checks, to ensure responsible borrowing. The range of loans is as follows:

• A one-month, interest-free loan of up to R500.
• An interest-free R1 000 loan, repayable over three months.
• A R2 000 interest-free loan with a six-month repayment term.
• A R4 000 loan at a 12% interest rate, repayable over nine months.

Rakosa shared a touching example of customers sharing their own stories of what the loans have helped them do - where an EasyPay Loan enabled a mother to pay her child’s school fees through their accessible funding, highlighting how these solutions are designed to make a real difference in people's lives.

She explained that these products not only help women pay for their vital day-to-day expenses, but the easy repayment structures also enable them to build a positive credit history - a critical step toward financial empowerment.

$LSK $LSAK

Watch the video here.