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Gen Z and Millennials led the growth as credit demand and supply continued in Q4 2023

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GUEST - Lee Naik, CEO of TransUnion Africa.

The report shows that;

The new credit activity growth was led mostly by Gen Z and Millennial consumers, who together accounted for
61% of new products originated during the quarter.

The most significant year-over-year (YoY) growth in originations was in non-retail credit products: personal
loan originations increased by 13.4%, home loan originations increased by 17.5% YoY, and credit card originations increased by 4.3% YoY.

Delinquencies improved YoY by 90 basis points (bps) from 38.5% to 37.6% in Q4 2023, with delinquencies improving
across all unsecured products. Vehicle finance remained flat YoY and home loans were the only major credit product with deteriorating delinquencies (by 140 bps).

Clothing account originations in South Africa maintained their upward trajectory, registering a 6.9% YoY
increase in new accounts, and account-level delinquencies across all three retail credit products improved, with retail revolving loans down by 220 bps and retail instalment loans down by 190 bps
9 Apr 2024 4PM English South Africa Business News · Investing

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