Business Name: AfriCred Microfinance
About Us:
AfriCred Microfinance is an innovative fintech focused on advancing financial inclusion and economic empowerment across Africa, with a specialization in providing financing to MSMEs, particularly in import/export trade finance and general trade through asset-based finance. By simplifying credit access for underserved populations, AfriCred offers both financial assistance and essential business management training, fostering economic and social progress across diverse communities.
Leveraging blockchain technology, AfriCred facilitates seamless fund transfers between unbanked individuals and financial institutions. This holistic approach strengthens the informal sector and supports small business owners, enhancing local economies and promoting regional stability.
Ask: $1 Million
Use of funds:
AfriCred will allocate the funds to customer loan disbursements, aligning with the goal of facilitating affordable credit access for micro, small, and medium-sized enterprises (MSMEs) and underserved individuals across the African regions.**
Website: https://africa-africred.com/
Based on information available online, I believe it’s necessary to take down this post made by AfriCred Microfinance and block them from this forum.
AfriCred Microfinance has been the subject of customer complaints alleging unethical practices, primarily related to loan settlements and credit reporting. Some users reported that, despite fully settling their accounts, AfriCred failed to remove their names from credit bureau listings.
This oversight has reportedly led to long-term credit difficulties, impacting customers’ ability to secure future loans and affecting their credit scores negatively. Additionally, complaints mention that AfriCred’s agents have contacted customers about debts that users believe were already paid, suggesting possible record-keeping issues.
Customers have also expressed frustration with the company’s customer service, citing poor communication and unprofessional behavior. Some individuals have reported being harassed for payments despite providing proof of settlement, raising concerns over AfriCred’s handling of account updates and debt collection processes.
These issues have been widely discussed on consumer review sites like HelloPeter, where several users have shared detailed accounts of their negative experiences, recommending caution to prospective clients.
For anyone considering engaging with AfriCred, it would be prudent to review such feedback thoroughly to better understand the company’s practices.
Here are sources detailing customer complaints and alleged issues with AfriCred:
- HelloPeter has multiple reviews discussing problems with AfriCred’s customer service and loan settlement practices. Some customers report that their accounts were not removed from credit bureaus after full payment, affecting their credit status. Review links:
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Thank you for bringing this matter to our attention.
- We are AfriCred International, a Lithuania-based company operating under the domain africa-africred.com.
- It appears there has been a misunderstanding with a similarly named company, AfriCred, which is operating under africred.org, which has been active since 2020 in Kenya, Nigeria, and Ghana.
- Our company, AfriCred International, began operations in 2024, and we have no association with AfriCred.org referenced here. The complaints and concerns raised in the post date back to 2020, confirming they pertain to the other AfriCred entity and not our organization.
While the similarity in names is understandable, we assure you that Africred International(Our company) is not involved in any of the issues mentioned. We kindly request that this post be amended or removed to avoid any misrepresentation of our brand. Thank you for giving us the opportunity to clarify this matter.
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In the TRU community, we perform in-depth and rigorous analysis on any project presented to us. As a member of the forum, I examined the Africred project and, after evaluating the company’s website and carrying out research, we found a worrying lack of transparency and essential information. The site’s content turns out to be superficial and incomplete, lacking critical data such as CEO identification, a structured business plan and specification reports.
The absence of this concrete data prevents a reasoned analysis, making it impossible for the community to carry out informed discussions about the project. Given these deficiencies, we consider it unfeasible to continue negotiations.
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