A decline in the extension of short-term credit in South Africa has impacted the economy through loss of sales, fewer jobs and lower tax collections, the inaugural Altron Fintech Short-term Credit Impact (AFSCI) shows. AFSCI, unpacking the economic impact of short-term lending, found that, between the first quarter of 2020 and the first quarter of 2021, the extension of short-term credit, which is a key financial instrument for low-income households and micro businesses, contracted by 12.3%.
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