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The report examines seven key credit innovations—scoretechs, invoicetechs, lending aggregators, telco-based lenders, pay-as-you-go (PAYG), peer-to-peer (P2P) lending, and edufintech—across South Africa, Nigeria, Kenya, Tanzania, and Rwanda. It finds that while digital metamorphosis is improving financial inclusion, credit access remains low, with domestic credit in sub-Saharan Africa at 39% of GDP. Telco-based lending is the most successful model in East Africa, while South Africa leads in MSME financing innovations. However, many models face challenges including high non-performing loans (NPLs), high cost of capital, and a lack of patient capital, particularly in education finance. The report recommends transitioning to hybrid customer acquisition models, leveraging blockchain to reduce fraud, and establishing more supportive regulatory sandboxes.