First Principles
Credit priced on what you already hold.
In the Global South, credit is being rebuilt around what the borrower already holds, not the file the bureau never wrote.
The safe borrower should never pay the risky borrower's price - yet for years, in Brazil, they did.
Sao Paulo. Creditas rebuilt lending from what the borrower already holds: the home, the car, the steady salary. Pledge the asset and the rate falls, because the loan is now secured against something real. When Brazil opened a fully digital payroll-deducted credit, some 47 million formally employed workers became eligible to borrow against their own wages.
The decision that mattered: price credit on the collateral the borrower already owns, not the credit file they never had.
In the Global South, credit is being rebuilt around what people already hold.
Source: Creditas, 2024-2025; Governo do Brasil, Credito do Trabalhador, 2025.