South Africans flock to build credit savviness using Sanlam Credit Solutions
Sanlam Credit Solutions – a website offering credit tools, credit coaching and debt counselling, as well as credit products to qualifying clients – saw registrations surge by 45% in 2024 from the previous year, with 410,817 new users joining.
This pushed the total user base to approximately 1.2 million.
Afua Darko, Business Head of Sanlam Credit Solutions, said: “Our mission is simple – to make financial literacy accessible to all and help transform credit into a tool for growth rather than a source of stress.”
Ongoing economic pressure, highlighted by the DebtBusters Q4 2024 Debt Index showing an average debt-to-annual-income ratio of 113%, has seen more South Africans searching for ways to understand and manage their credit.
Darko said this 2024 uptake included nearly 150,000 first-time Sanlam clients.
“More people are searching for tools and resources that will help them take control of their financial situations during challenging times,” said Darko.
“With 82% of debt counselling applicants holding personal loans, credit is a daily necessity for many. However, responsible credit management is so essential right now.”
“That’s why Sanlam Credit Solutions aims to help bridge the financial literacy gap, providing tools and resources to help South Africans transform credit from a potential burden into a tool for growth and stability.”
Helping more South Africans access responsible credit solutions
Launched in 2020, Sanlam Credit Solutions was developed to engage middle-income South Africans and expand Sanlam’s offerings beyond insurance and investments into the credit space.
Darko said the platform’s growth points towards the urgent need for tools that simplify credit concepts and promote financial literacy in South Africa.
The scale of interaction on the platform in 2024 highlights South Africans’ considerable need for credit solutions and guidance, through:
- Debt management support – Over 53,000 debt counselling applications were initiated via the platform.
- Debt resolution – Support was provided for over 5,000 clients entering debt counselling programmes – a 76% increase from 2023, showing a growing readiness to address debt challenges.
- Financial guidance – Users engaged heavily with support channels, indicated by over 11,000 chat interactions and nearly 150,000 telephonic conversations logged with coaches throughout the year.
Innovation meets human support for financial literacy
Darko highlights how Sanlam Credit Solutions blends technology with essential human interaction to foster credit confidence.
The Sanlam AI-powered credit coach offers 24/7 analysis of credit reports, answers queries, and provides personalised recommendations, like improving a credit score, within an easy-to-use interface.
However, the human element embedded in the website remains critical for deeper engagement and trust.
“To ensure comprehensive support and address the financial literacy aspect directly, we have 15 dedicated credit management coaches available via telephone, chat, and email,” said Darko.
“These coaches, fluent across all 11 official languages, facilitate an average of 100,000 proactive engagements with clients annually, offering personalised guidance on financial wellness, understanding credit reports, budgeting, and exploring suitable options.”
“This direct support is crucial for building genuine financial understanding and confidence.”
The DebtBusters Q4 2024 Debt Index underscores the importance of these services, highlighting a 42% drop in purchasing power since 2016 and widespread reliance on unsecured debt.
With many South Africans turning to short-term loans to supplement income, accessible and responsible credit solutions combined with education are vital.
Empowering users through education and tools
Darko says in a country where financial literacy remains a hurdle, Sanlam Credit Solutions is committed to offering tools and resources that make credit understandable and accessible.
“For example, our budget tool helps users consolidate their financial picture by pulling data from their credit report and combining it with their income and expenses,” said Darko.
“It then provides tailored advice, whether considering a personal loan, strategically building credit or exploring debt counselling to regain stability.”
The platform also offers educational content tailored to life stages like marriage, retirement, or starting a family.
“We want people to feel confident in their financial choices. Whether they’re decoding their credit report for the first time or planning a holiday, we’re here to support them every step of the way,” said Darko.
A vision for a more financially confident South Africa
Darko says Sanlam Credit Solutions plans to continue enhancing its support as Sanlam offers pathways to investment through Satrix and Easy Equities.
Its future plans include refining digital tools and expanding its physical presence through Sanlam’s existing branches to reach more South Africans.
“We want to create a neutral, supportive space where people can gain the knowledge needed for better financial decisions,” said Darko.
“We remain focused on delivering more impactful solutions, fostering partnerships that promote greater financial well-being and giving even more South Africans financial confidence.”
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