Despite ongoing cost-of-living pressures, Namibian consumers demonstrated resilience and financial discipline by reducing non-essential spending, paying down debt and strengthening their savings, according to TransUnion’s Q2 2026 Consumer Pulse Study¹.

The study found that households are actively adapting to the rising living costs and higher borrowing expenses while maintaining confidence in their future financial prospects. More than half of the respondents (52%) reported reducing discretionary spending (e.g., dining out, travel, entertainment) in the previous three months. At the same time, 32% said they were paying debt down faster, while 24% reported increasing contributions to emergency savings.

Consumer experiences remained mixed. While 43% of respondents said their financial situation was better than planned at this point in 2026, 45% indicated it was worse than anticipated, highlighting the uneven effects of economic pressures across households.

Income trends were similarly varied. Nearly three in ten consumers (28%) reported an increase in income over the previous three months, while 39% said their income remained unchanged. One third (33%) reported a decline in income during the same period.

Despite these challenges, optimism remained strong. Nearly three-quarters (73%) of consumers expected their incomes to increase during the next 12 months, while 71% were optimistic about their household finances during that period. The findings suggest Namibians believe their financial wellbeing will strengthen.

“Namibians showed a growing focus on financial resilience as they sought greater control over their household finances,” said Lara Enslin, CEO of TransUnion Namibia. “Consumers are not simply reacting to higher living costs. They are actively adjusting spending habits, reducing debt and building financial safety nets that can help them navigate uncertainty and improve their long-term financial stability.”

Consumers Continue to Value Credit as a Tool for Financial Progress

Access to credit remains an important part of consumers' financial journeys. In Q2 2026, 89% of

Namibians said access to credit and lending products was important for helping them achieve their financial goals, underscoring the significant role credit plays in supporting everyday needs and future aspirations. For many households, access to credit can help manage unexpected expenses, fund education, support transportation needs and enable important life goals when used responsibly.

Perceptions of credit access remain mixed. More than a third (36%) felt they had sufficient access to credit and lending products, while almost half (46%) felt that they did not. Confidence in approval was similarly balanced as 36% believed they would be approved for new credit if they applied, but 39% didn’t. These findings suggest access to credit is influenced not only by availability, but also by affordability considerations.

Nearly half, 46%, of Millennials² said they plan to apply for new or refinance existing credit in the next year, up by one percentage point year-over-year (YoY). In contrast, 30% of Gen Z consumers indicated they planned to do so, down 15 percentage points from a year ago, suggesting younger consumers may be taking a more cautious approach to borrowing.

"Consumers are becoming increasingly deliberate in the way they use credit," said Enslin. "For lenders, this reinforces the importance of understanding each consumer's unique circumstances and using data-driven insights to support responsible access to credit while effectively managing risk."

Consumers Step Up Protection Against Growing Fraud Threats

Digital and online fraud remained a significant concern for consumers: nearly two-thirds (65%) of surveyed consumers reported being targeted by email, online, phone call or text message fraud during the past three months, with 10% saying they fell victim to scammers.

Encouragingly, many consumers took steps to protect themselves. Half (50%) of those who said they were notified in the last three months that details about their identities and/or online accounts were stolen reported changing their password on the affected account, while others adopted additional safeguards. These behaviours indicate a growing awareness of digital risk and willingness to act when prompted.

However, opportunities remain to improve consumer preparedness. Among those reporting taking no action in the last 60 days in response to cybersecurity concerns, the most common reason for inaction was uncertainty about what actions to take.

“While consumer awareness of digital fraud risks is widespread, education remains critical,” said Enslin. “There is an opportunity to empower consumers with practical, easy-to-follow guidance that helps them confidently protect their identities, personal information and finances in an increasingly digital world.”

Consumers can reduce their exposure to fraud by using strong and unique passwords, enabling multi-factor authentication where available, monitoring account activity regularly and remaining cautious when responding to unsolicited messages requesting personal or financial information. Regularly checking credit reports can also help identify any unauthorized changes or new accounts opened.

Altogether, the findings in the Namibia Q2 2026 Consumer Pulse Study suggests that consumers are increasingly taking ownership of their financial wellbeing through disciplined spending, use of credit and fraud vigilance.

¹ TransUnion’s Q2 2026 Consumer Pulse Survey of 258 adults in Namibia was conducted in April and May 2026 by TransUnion in partnership with third-party research provider, Dynata.

² Generations were defined in this research as follows: Gen Z, 18–29 years old; Millennials, 30–45

#Ends

Botswana consumers are demonstrating resilience as households navigate rising financial pressures and increasing demands on their disposable income. While many consumers are adjusting spending habits, seeking additional sources of income and taking a more cautious approach to borrowing, they remain optimistic about their long-term financial prospects.

These are among the findings of TransUnion’s Q3 2026 Consumer Pulse Survey¹, which found that while financial pressures have increased over the past year, consumers continued to adapt and remain focused on achieving their long-term financial goals.

Despite increased financial pressure, more than seven in ten consumers (71%) remained optimistic that their household income would increase during the next 12 months. This optimism reflects consumers’ determination to improve their financial circumstances while actively adapting to current economic conditions.

Households Prioritise Essential Spending as Financial Pressures Increase

The study found consumers were experiencing a more challenging income environment than a year prior. The proportion of respondents who reported their household income declined during the previous three months increased from 30% in 2025 to 39% in 2026, while the proportion reporting income growth decreased from 33% to 26%.

At the same time, the percentage of consumers expecting difficulty paying at least one current bill or loan increased from 34% in 2025 to 39% in 2026.

Among those anticipating difficulty meeting financial obligations, the top ways they said they’d pay their current bills and loans were:

• Making partial payments (43%)
• Taking on temporary or gig work to supplement their income (38%)
• Using savings or borrowing from friends or family (both 26%)

Consumers were also becoming increasingly selective about non-essential expenses. Nearly three-quarters (73%) reported cutting back on discretionary spending like dining out, travel and entertainment in the past three months, up 19 percentage points compared to the same quarter in 2025. The proportion of consumers who said they reduced digital services like wireless phones, cable TV or Internet increased from 30% to 39%, while those cancelling subscriptions or memberships rose seven percentage points YoY to 40%.

“What stands out in this quarter’s findings is the determination of Botswana’s consumers to remain financially resilient,” said Kabelo Ramaselwana, CEO of TransUnion Botswana. “Households are making deliberate decisions about spending, looking for opportunities to supplement their income and focusing on maintaining financial stability despite current challenges.”

Access to Credit Remains Relevant, Although Consumers’ Plans Were More Selective

Access to credit continues to play an important role in helping consumers achieve their financial goals. Nearly all respondents (96%) said access to credit and lending products is important to achieve their financial goals, unchanged from 2025. However, confidence in credit accessibility has weakened. The proportion of consumers who believe they have sufficient access to credit and lending products declined from 41% to 36%, while those who said they didn’t have sufficient access increased from 37% to 45%.

Reflecting a more cautious mindset, intentions to apply for new credit or refinance existing credit fell 15 percentage points from the same quarter in 2025 to 25% in 2026. Among respondents who said they plan to apply for new or refinance existing credit, those who said they’ll apply for a new personal loan declined 16 percentage points YoY to 27%, while those planning to apply for a mortgage or home loan fell six percentage points from 30% to 24%.

“The findings suggested that consumers have adopted a more deliberate approach to borrowing,” said Ramaselwana. “While the importance of credit remains high, affordability considerations and confidence in access to credit are increasingly influencing how and when consumers choose to take on new debt.”

More Fraud Victims Despite Fewer Reported Scam Attempts

While fewer consumers reported being targeted by digital fraud compared with last year, fraud remains a significant concern. The proportion of consumers who reported being targeted by email, online, phone call or text message fraud declined seven percentage points YoY to 68% in 2026. However, the proportion reporting they had become victims of digital fraud increased from 6% to 8%.

Among consumers who reported being targeted:

• Phishing attempts increased from 38% to 47%
• Vishing (voice-phishing) attempts increased from 39% to 46%

The findings suggest that fraudsters continue to evolve their tactics across both online and voice channels, including mobile messaging, phone calls and impersonation scams designed to obtain personal and financial information.

Encouragingly, consumers were becoming more proactive in protecting themselves after saying they were notified in the last three months that they were victimised in a data breach. Changing passwords remained the most common response among data breach victims, with 57% doing so, while checking the account for unauthorised activity was the strategy of 52% of consumers – both responses broadly the same as last year. Notably, the proportion of consumers checking their credit reports for signs of fraudulent activity increased significantly from 14% to 23%.

"Botswana's consumers are navigating the current economic environment with resilience and adaptability,” said Ramaselwana. “While households continue to face economic pressures, many are taking proactive steps to manage their finances, strengthen their credit positions and protect themselves against fraud. Consumers who remain informed about their financial health and make thoughtful decisions about credit and spending will be best positioned to benefit from future opportunities as the economy evolves.”

Ends.

¹ TransUnion’s Q2 2026 Consumer Pulse Survey of 183 adults in Botswana was conducted 20 July and 7 August 2026 by TransUnion in partnership with third-party research provider, Dynata.

TransUnion Zambia today released findings from its Q1 2026 Consumer Pulse Survey, revealing a Zambian market in transition. Income confidence has climbed notably year-on-year, yet many households continue to navigate cost-of-living pressure, constrained credit access and a high level of digital fraud exposure.

Four in ten Zambians (40%) reported earning more than they did a year ago¹, up from 34% in 2025. Looking ahead, 84% of consumers expect their income to grow in the next 12 months, a modest gain on last year (82%) that points to a broadly optimistic outlook for the Zambian economy.

"Zambian consumers are demonstrating a more intentional and disciplined approach to managing their finances, moving beyond short-term, reactive adjustments toward sustained financial planning and budgeting. This reflects a growing focus on affordability and long-term financial resilience," said Mildred Stephenson, chief executive officer of TransUnion Zambia.

Household Incomes Improved, but Pressure Remains

Household income trends over the past three months present a more balanced picture than in 2025. Alongside the rise in consumers reporting higher earnings, the share of consumers reporting no change in income fell from 38% to 31%, and the number of consumers reporting a decline in income remained stable (29% in both years), pointing to early signs of stabilisation after a sustained period of economic pressure.

Even so, many households continue to actively manage their financial commitments. More than a third (37%) of consumers expect they won't be able to pay at least one bill or loan in full. To manage these commitments, 45% have taken on temporary or gig-based work, 42% are paying only partial amounts they can afford, 29% are borrowing from friends or family and 26% are drawing on savings. Discipline on spending remains firm: 54% cut discretionary spending in the past three months, with 68% reducing dining out, 46% scaling back travel and 41% spending less on entertainment.

"The continued reliance on these coping mechanisms highlights ongoing liquidity pressure and demonstrates that many households continue to deploy multiple strategies to manage changing financial conditions, even as their confidence in longer-term earnings strengthens," Stephenson said.

Zambians Choose Credit to Support Essential Spending

Demand for credit remains resilient. Overall, 41% of consumers plan to apply for new credit or refinance existing credit within the next year, with younger adults the most likely to do so. Among those intending to borrow, interest concentrates on essentials that support mobility and opportunity: 45% plan to seek a personal loan, 19% student financing and 13% car finance.

Converting that intent into approved credit remains difficult. More than half (55%) of consumers who considered applying ultimately decided not to proceed, citing the high cost of credit (30%), concerns their income may reduce approval (29%) and doubts that refinancing would deliver meaningful savings (21%). These barriers are largely unchanged from 2025.

"Collectively, these findings reveal a continued disconnect between the importance consumers place on access to credit and their confidence in navigating the credit system. While demand remains strong, concerns about affordability, approval likelihood and the perceived benefits of refinancing continue to discourage many Zambians from moving forward," Stephenson noted.

Digital Fraud Remains a Concern

As more Zambians transact online, fraud exposure remains high. More than eight in ten (81%) consumers reported being targeted by at least one digital fraud attempt in the three months preceding the survey, in line with 2025. Money and gift card scams, smishing, phishing and vishing ranked among the most common threats, alongside fraudulent seller activity on online platforms.

In response to cybersecurity concerns, 67% updated their passwords and 42% added stronger login protections such as multifactor authentication in the 60 days before the survey. However, 17% took no action at all: of that group, 71% were unsure what steps to take and 21% felt overwhelmed by the volume of cybersecurity information available.

"This mix of high engagement related to personal identity protection on one end and hesitation on the other reflects the ongoing need for simple, accessible tools and education. As threats become more sophisticated, financial institutions have an important role to play in helping consumers understand the steps they can take to protect themselves from fraud, while continuing to strengthen overall digital security across the ecosystem," Stephenson said.

¹ The 2025 Consumer Pulse Survey was conducted in Q2 2025, while the 2026 survey was conducted in Q1 of this year.

Rwanda has established itself as one of Africa’s leading digital economies, underpinned by strong economic growth, widespread mobile money adoption and increasing participation in formal financial services. As the country enters its next phase of development, the challenge is no longer simply extending access but ensuring that inclusion translates into meaningful economic opportunity for households, entrepreneurs and businesses.

New findings from TransUnion’s Q1 2026 Consumer Pulse Study (CPS) indicate that Rwandan consumers remain optimistic about their financial futures while highlighting a growing need for broader access to credit and lending products that can help them move from financial participation to financial empowerment.

Nearly four in five consumers (76%) expect their income to increase over the next 12 months, while a further 16% expect it to remain unchanged. Together, these findings suggest a population that remains confident in Rwanda's economic trajectory while taking a pragmatic approach to managing ongoing financial pressures.

At the same time, household budgets remain under strain. Half of respondents (50%) said they expect to be unable to pay at least one current bill or loan in full, with many planning to manage these challenges through partial payments, savings or temporary additional work. Rather than pointing to declining confidence, these behaviours reflect resilience and disciplined financial decision-making as consumers adapt to changing economic conditions.

More than a third of consumers (34%) also reported reducing discretionary spending in recent months, while others continued to prioritise spending on digital services and selected lifestyle categories. These trends suggest that many households are managing carefully while remaining engaged in Rwanda’s increasingly digital economy.

“Rwanda has made remarkable progress in expanding financial inclusion and digital participation,” said Didier Mutabazi, Chief Executive Officer of TransUnion Rwanda. “Financial inclusion is not a single milestone. It is a journey. The next step is helping more consumers move from basic financial access to the products and opportunities that support entrepreneurship, asset ownership and long-term financial resilience.”

Expanding Access to Credit Can Unlock Greater Economic Opportunity

Access to credit and lending products remain one of the clearest indicators of consumers’ financial aspirations. The CPS data highlights an opportunity to expand access to credit and lending products that support consumer financial goals. While nearly all consumers (98%) say credit is important to achieving their financial goals, only 42% believe they have sufficient access to the products they need. This gap suggests that although demand is strong, barriers such as affordability, eligibility, limited financials visibility and product suitability continue to hinder access.

Personal loans and student loans emerged among the most sought-after products, highlighting demand for solutions that support both immediate needs and long-term advancement.

The findings suggest Rwanda’s financial inclusion journey is entering a new phase. While participation in formal financial services continues to expand, consumers are signalling a need for broader access to the financial products that support long-term economic advancement. Financial inclusion is no longer simply about access to transactional services or short-term credit. Increasingly, it is about enabling consumers and entrepreneurs to access the financing, visibility and trust needed to invest in education, grow businesses, acquire assets and participate more fully in Rwanda’s economic future.

“Our latest report highlights that consumers understand the value of credit and are actively looking for ways to improve their financial futures,” said Mutabazi. “This creates a new agenda for the ecosystem, one focused on improving credit visibility, strengthening digital trust, enabling smarter decision-making and building the partnerships required to scale inclusive growth responsibly.”

Trust Remains Essential to Financial Inclusion

The report highlights the importance of building a trusted financial ecosystem where consumers can engage confidently, access services more easily and participate fully in the opportunities created by Rwanda's digital economy.

“Trust is a fundamental part of a healthy and inclusive financial ecosystem,” said Mutabazi. “As digital participation grows, consumers, businesses and institutions must continue working together to strengthen confidence, reduce friction and ensure people can engage safely in the digital economy.”

The findings reinforce Rwanda’s progress as a leading digital economy while highlighting the next step in its financial inclusion journey. The opportunity is clear but will require the full financial ecosystem to help more consumers advance from access to financial capability and economic participation. By driving broader use of trusted data, responsible lending and the expansion of products that support scalable growth across business and the everyday citizen – the Rwanda financial inclusion trajectory is possible.

The TransUnion Rwanda Consumer Pulse Survey of 259 adults aged 18 years and older was conducted between 10 February and 9 March 2026.

Mutabazi joins TransUnion with over 16 years of leadership experience spanning the fintech, banking, and telecommunications sectors. He most recently served as the Country Manager for Asante Financial Services Group in Rwanda, where he successfully launched local operations from the ground up and scaled digital lending services for Micro, Small, and Medium Enterprises (MSMEs). His extensive background includes serving as the Head of Digital Finance and Innovation at AB Bank Rwanda, where he led a digital transformation strategy that increased electronic transaction volumes from 0% to over 70%.

“We are delighted to welcome Didier to lead our Rwandan business at such a pivotal time for the region,” said Jeannine Naudé, Head of Africa Regions at TransUnion. “His proven track record in driving bank-wide digital transformation and his deep understanding of the regulatory landscape, having worked closely with the National Bank of Rwanda, makes him the ideal leader to accelerate our growth. This appointment highlights our commitment to bringing global solutions to the Rwandan market to support inclusive, data-driven outcomes for our clients and the more than 350 million Africans still outside the formal financial system”.

Mutabazi’s mandate includes driving the adoption of innovative solutions that extend beyond core credit into areas such as fraud, risk, and advanced analytics. His leadership will be instrumental in supporting sustainable growth and expanding access to credit across the country.

“I am honoured to join TransUnion and lead the Rwanda team as we work to empower businesses and consumers through the power of data,” said Mutabazi. “I look forward to leveraging my experience in scaling digital operations and building strategic partnerships to deliver trusted and innovative solutions. My focus will be on advancing financial inclusion and ensuring that TransUnion continues to play a leading role in Rwanda’s evolving financial ecosystem”.

Mutabazi holds a Master of Business Administration (MBA) from Heriot-Watt University and is a Certified Expert in Microfinance Banking from the Frankfurt School of Finance and Management. He is fluent in English, French, and Kinyarwanda.

The findings from TransUnion Consumer Pulse Study for Q2 2024 revealed a slight improvement in credit access but a significant surge in credit demand. According to the study, consumer demand for credit increased, with 48% of respondents planning to seek new or refinance existing credit within the next year, an increase of 10 percentage points from 2023. While 96% of respondents considered access to credit and lending products important for achieving their financial goals, only 32% felt they had adequate access, a slight improvement from 30% the year before. Among those intending to apply for credit, 53% considered new personal loans, with Millennials and Gen X showing the most interest in this type of credit.

To help consumers navigate these financial challenges, Mildred Stephenson, Chief Executive Officer at TransUnion Zambia, offers the following tips to ensure individuals understand their options and make informed choices that can contribute to increased financial inclusion:

1. Create a Budget: Track your income and expenses to understand where your money is going. This will help you identify areas where you can cut back and save more. It will also help you determine if you can afford repayments on any credit you might be applying for.
2. Build an Emergency Fund: Set aside money for unexpected expenses. This can prevent you   from relying solely on credit during financial emergencies.
3. Pay Bills on Time: Late payments can negatively impact your credit score. Set up reminders or automatic payments to ensure you never miss a due date.
4. Use Credit Cards Responsibly: Use credit cards wisely and avoid carrying a balance from month to month whenever possible. Pay off your credit card balance in full each month to avoid interest charges.
5. Avoid Unnecessary Debt: Only take on debt that is necessary and manageable. Before applying for new credit, consider whether it is essential and if you can afford the repayments.
6. Monitor Your Credit Report: Regularly check your credit report to ensure there are no errors and to keep track of your credit score. This can help you identify and address any issues early on.
7. Accessing your credit report: Your credit report is a crucial document that provides a summary of your personal financial history. Regularly checking your credit report helps you ensure the information is accurate and spot any signs of identity theft early

To obtain your credit report, you can:

• Call TransUnion: At 0211 220 530/36/420500 or 0955985107/5307.
• Email TransUnion: Send an email to CustomerCareZM@transunion.com 
• Visit TransUnion at:  5th Floor, Sun Share Tower, Plot No. 15584 / 1, Katima Mulilo Road, Olympia, Lusaka, Zambia.

“We recognise the critical role financial literacy plays in empowering Zambians to make informed financial decisions. By understanding and improving credit health, managing debts responsibly and enabling a culture of informed financial choices, we can collectively build a more financially inclusive and resilient Zambia. At TransUnion, we are committed to providing the necessary tools and insights to support this journey towards financial empowerment.” concludes Stephenson.

TransUnion Kenya, a global information and insights company, and global analytics software leader FICO are leading the charge in transforming the country’s financial landscape with new groundbreaking risk solutions that are designed to broaden access to credit and empower financial institutions. By leveraging enriched data and analytics, lenders can now make more informed decisions, which foster greater economic empowerment and build a more resilient financial ecosystem.

The two new solutions at the heart of this transformation are TransUnion’s CreditVision® Variables solution and the FICO^® Score. Together, they address critical challenges in risk assessment and financial inclusion. CreditVision Variables provides an enhanced view of consumer financial behaviour, analysing over 145 data sources and up to 24 months of historical payment data. The new FICO Score is built for the Kenyan market using proprietary predictive analytics technology and over 4 million records from the TransUnion database.

Enhancing traditional credit risk strategies with the FICO Score and comprehensive data analysis can improve risk predictability and enable lenders to extend financial services to more consumers. In other global markets, lenders integrating CreditVision Variables into their credit risk strategies have experienced a significant boost in risk predictability by 20%-30%. This enhancement has led to a notable improvement in approval rates, ranging from 15%-20%.

CreditVision Variables can address essential business needs by:

• Cost-effectively identifying and engaging the right new customers
• Growing and optimising the profitability of existing customers
• Providing insights into customer motivations and behaviours

“The effects of these innovations are expected to be profound. Consumers, Small, Micro and Medium- sized Enterprises (SMMEs) and other businesses can benefit from greater access to credit and financial services, enabling them to improve their financial health and achieve their goals. Lenders will have access to better risk management and decision-making tools, leading to greater financial inclusion and economic empowerment, and driving more sustainable overall economic growth and stability,” said Morris Maina, CEO of TransUnion Kenya.

TransUnion has partnered with global analytics software pioneer FICO across Africa since 1997 and the two firms are now expanding their partnership to Kenya to introduce FICO’s advanced scoring models designed to meet the needs of the local market. This collaboration aims to improve credit-granting processes by equipping lenders with these advanced tools to manage portfolio risk and monitor credit activity.

The FICO Score is the latest evolution of credit scoring for the Kenyan market and has been designed to reflect the rapidly evolving lending ecosystem, where microlending, in particular, is more embedded than before. This single credit risk score provides lenders with a more granular and effective means of credit risk assessment, enabling a more accurate understanding of borrowers, and provides a significant boost in predictive power across all forms of lending. The predictive power of the new Kenya-specific FICO Score is significant across all forms of lending, with specific industries, such as microlending, performing particularly well. This is important in the Kenya context as 95% of scoreable consumers have at least one microlending tradeline.

Benefits of using the FICO Score include:

• A single credit score to help lenders make credit decisions across both traditional credit products and microlending, including mobile loans
• Rapid approval/decline decisions for new applicants, reducing friction at the acquisition stage
• Refined allocation of credit limits and loan amounts
• Consistent risk-based pricing and terms of business
•  Improved risk management, giving lenders the confidence to make more credit available while controlling losses
• Greater efficiency using a single score across both traditional and digital lending channels

The FICO Score is a numerical snapshot of a consumer’s credit risk, providing a measure of their likelihood of fulfilling credit obligations. Using data from TransUnion, the model generates a score ranging from 300 to 850, where the higher scores indicate lower credit risk. Each credit score comes with the top four reasons for its calculation, offering transparency and actionable insights into factors impacting the score. The score is calculated on request by the lender and uses the latest information in the TransUnion file.

“This level of transparency aids both lending officers and consumers,” said Mike Manaton, Vice President of Scores at FICO. “The FICO Score provides clear insights into the factors influencing a consumer’s score. Additionally, it enables lenders to assess applicants more accurately, tailor credit terms accordingly and enable credit access for more consumers.”

An example of the power of the FICO Score is the distribution of accounts across the score range. As shown below, the risk decreases sharply as the score rises, with consumers scoring in the highest-risk decile (300-442) representing about nine times the risk of consumers scoring in the lowest-risk decile (682-850).

According to TransUnion's Q2 2024 Consumer Pulse Study, financial inclusion in Kenya continues to improve. Its insights showed that 36% of consumers felt they had sufficient access to credit compared to 33% who felt the same a year ago. The increase in financial inclusion is noteworthy because well over half (60%) of consumers said they were considering applying for new or refinancing existing credit within the next 12 months.

"We welcome this global innovation in Kenya and are confident that the industry will adopt these solutions to drive the country’s Financial Inclusion agenda. Financial inclusion remains a key focus for the industry, as it is essential for fostering economic growth and empowering communities. By embracing these new technologies, we can ensure broader access to financial services, in turn supporting sustainable development and prosperity for all," said John Gachora, Chairman of the Kenya Bankers Association (KBA).

Discover more about CreditVision Variables here and the FICO Score here.

Supporting industry quotes:

“TransUnion Kenya's and FICO’s new credit risk solutions are a game-changer for the region. At CIS Kenya, we believe these innovative solutions will empower businesses to make more informed decisions and drive economic growth." Jared Getenga, Chief Executive Officer, Credit Information Sharing Association of Kenya - CIS Kenya

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The analysis reviewed attempted ecommerce transactions from across the globe and found that 4.6% worldwide were suspected to be Digital Fraud over the same period. Based on proprietary insights from TransUnion’s global intelligence network, TransUnion found that the global suspected Digital Fraud rate was down from 6.0% during the same period in 2023.

The study determined that the average volume of suspected Digital Fraud attempts on any given day during that holiday period globally was 30.2% lower than the same period in 2023 and 5.9% lower than during the rest of the year (1 January 2024 to 27 November 2024).

The Percentage of Suspected Ecommerce Fraud during Black Friday season vs. Overall

Source: TransUnion TruValidate™

“Across Africa, we have observed that Black Friday shopping has extended beyond the original five-day period, with retailers promoting sales throughout the entire month of November. We anticipate that the general lengthening of the holiday shopping season were factors in the decline in suspected Digital Fraud during the time under analysis compared to the rest of the year for most Africa countries,” said Amritha Reddy, senior director for solutions at TransUnion Africa. “For online retailers, this speaks to the need to maintain diligence year-round. For the remainder of this holiday shopping season, and beyond, online retailers must continue to implement tools that maintain a friction-right experience, wherein both business and consumer is protected without major disruption.”

The greatest fraud disruptions globally over the analysed period occurred on Thursday, 28 November with 5.3% of all attempted digital retail transactions on that day suspected to be Digital Fraud. The analysis also revealed the retail suspected Digital Fraud rate for each day in the analysed shopping period for attempted transactions where the consumer was in each of the six African countries studied, and highlighted the day on which the most suspected Digital Fraud took place.

The Suspected Ecommerce Fraud Rate Varies for Each Day of the 2024 Holiday Shopping Weekend

Source: TransUnion TruValidate

As part of this analysis, TransUnion also determined the top signals indicating risk of fraudulent ecommerce transactions during the holiday shopping season globally. This year, unusually high transaction volume from a single device and devices being newly associated with an account were among the leading indicators for potential fraud attempts.

“This international shopping period is always hugely impactful to retailers’ bottom lines, and our recent Consumer Pulse Study that consumers may be particularly eager to buy during this holiday shopping season,” said Reddy. “It’s as important as ever for retailers to equip themselves with the tools they need to detect fraud early. These tools can help minimise fraudulent transactions while at the same time protecting legitimate transactions. Retailers should seek to implement holistic fraud solutions that can verify customer identity and authenticity as early as possible during a transaction.” 

Consumers and businesses can take steps to prevent fraudulent activity:

For consumers:

1. Verify website security: Ensure that the websites you shop from use secure protocols (look for "https" in the URL).
2. Be sceptical of unrealistic deals: Bad actors often lure shoppers with "too good to be true" discounts.
3. Use secure payment methods: Utilise verifiable, trusted, and secure payment methods.
4. Protect personal information: Share only necessary information during transactions to avoid identity theft.
5. Monitor financial statements: Regularly review bank and credit card statements, store cards, etc., for unauthorised activity.
6. Beware of phishing scams: Avoid clicking links or downloading attachments from unknown emails or texts.
7. Strengthen account security: Use strong, unique passwords and enable multi-factor authentication on critical accounts.

For businesses:

1. Train employees: Educate employees on spotting fraud threats.
2. Communicate with consumers: Send warnings on fraud tactics and how to verify legitimate vs. illegitimate transactions.
3. Leverage real-time fraud verification tools: Monitor transactions closely for anomalies, especially during peak shopping periods.
4. Establish clear protocols: Set clear protocols for reporting and responding to fraudulent attempts.

These preventive measures are crucial, especially considering TransUnion's findings on Digital Fraud. TransUnion came to its conclusions about Digital Fraud based on intelligence from its identity and fraud product suite that helps secure trust across channels and delivers efficient consumer experiences – TransUnion TruValidate. The rate or percentage of suspected Digital Fraud attempts reflects those which TransUnion customers determined met one of the following conditions: 1) denial in real time due to fraudulent indicators, 2) denial in real time for corporate policy violations, 3) fraudulent upon customer investigation, or 4) a corporate policy violation upon customer investigation — compared to all transactions assessed. The country and regional analyses examined transactions in which the consumer or suspected fraudster was located in a select country and region when conducting a transaction. Global statistics represent every country worldwide.

To find out how this data varies by select countries and more, TransUnion’s holiday fraud trends can be found here.

Rwandan leaders from government, financial institutions, and development partners gathered at a pivotal TransUnion Rwanda event on 27 June 2023 to discuss the vital role of collaboration in accelerating financial inclusion in Rwanda, with a focus on the empowerment of women. Attendees discussed the need for an enabling environment, including supportive policies, regulatory frameworks, tailored financial literacy programmes, and the power of working together.

The event also heard about the significance of embracing innovations in the use of alternative data in expanding access to financial services for underserved populations. “In Rwanda, alternative data from mobile money and other non-financial data sources play a crucial role in understanding consumers better and reaching individuals with limited formal credit history. This innovative approach opens doors to financial services, enabling individuals and SMEs to thrive and contribute to Rwanda's development," said Lee Naik, Regional President and CEO for TransUnion Africa.

Pictured left to right:

• Pipian Hakizabera, Chairman of TransUnion Rwanda Board
• Lee Naik, Regional President and CEO for TransUnion Africa
• Clare Akamanzi, Chief Executive Officer of Rwanda Development Board and Cabinet Member
• Samuel Tayengwa, Country Manager for TransUnion Rwanda

With Zambia’s financial sector showing real signs of growth, with a steady inflow of investment and a growing number of fintech startups looking to disrupt the industry, more consumers than ever are looking for financial services products, says Samuel Tayengwa, Head of Product, Africa Regions for TransUnion. This poses the challenge to companies to reach, verify and onboard new customers at a time when issues like financial inclusion and expansion are more topical than ever.

“The move to digital has changed the way financial services institutions connect with their customers. It also offers new opportunities to acquire customers more easily and cheaply. To enable this, the ability to onboard customers remotely, and to reduce friction and costs at acquisition stage while maintaining security, is going to become critical for most entities,” said Tayengwa.

As the world moves online, the challenge of fraud looms large. According to TransUnion’s latest quarterly analysis of global online fraud trends, fraudsters continue to attempt scams against businesses and consumers. TransUnion’s quarterly fraud analysis found the rate of suspected fraudulent digital transactions against businesses worldwide decreased 14% between Q2 2021 and Q2 2022 but some industries were targeted more than others.

In Zambia, the rate of suspected digital fraud attempts declined marginally by 2% in the same period. For transactions originating from Zambia, the gambling industry saw the biggest growth in the rate of suspected digital fraud attempts with an increase 44% year-over-year. The industry with the second biggest increase was retail, which rose 17% during that same period.

That brings with it the challenge for Zambia’s businesses to protect themselves and their customers from fraud, while continuing to provide a seamless customer experience.

“As we accelerate the shift to transact online, fraud is shifting digitally as well. Zambia’s businesses must give their customers the smoothest possible onboarding experience on digital channels, but historically fraud detection and prevention solutions have negatively impacted that experience,” said Tayengwa.

According to analysis from research and advisory firm Forrester conducted on behalf of TransUnion*, more than half of financial services firms see their identity verification methods as burdensome on good customers. Forrester found this leads to customers abandoning new financial product applications before completion.

To help solve this problem, TransUnion in Zambia has launched Digital Onboarding, a new solution to help the financial services industry provide consumers with a simpler digital application and onboarding experience.

Digital Onboarding helps businesses offer greater digital access to products and services, while addressing an increase in attempted fraud that can come with a rise in digital transactions. It delivers a friction-right experience that includes combining digital and physical identity establishment and verification, while increasing conversions and loyalty, reducing fraud, and improving operational efficiencies. The service is delivered via a single API that significantly reduces integration time and effort for financial institutions.

“Until now, the focus across industries has been on identifying more of the good transactions and customers to allow them to pass with less friction,” said Tayengwa. “Strong fraud and authentication practices decrease false positives and focus fraud-fighting resources on the minority of interactions that warrant scrutiny. By reducing the pool of manual reviews and customer interrogations, organizations can dramatically reduce costs, increase revenue, and improve the overall customer experience.”

For worldwide and regional breakdowns around how much the suspected digital fraud attempt rate recently changed, what types of fraud are most prevalent in certain industries and more, please download the infographic.

* ^{TransUnion commissioned Forrester to complete a number of research studies August/September 2018 including a look at “Fraud Detection and ID Verification in Financial Services”}