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Yabx enters Nigeria to democratise credit across the country

By Edlyn Cardoza

November 04, 2022

  • Africa
  • BNPL
  • Credit Score

Yabx, FinTech, Digital Lending, Underwriting, BNPL, MSME Loans, Financial Services, Financial Inclusion, Financial Institutions, Credit Score, Financial Identity, Loan Origination, United Nations Capital Development Fund, Nigeria, AfricaYabx, a FinTech venture headquartered in the Netherlands, announced its foray into Nigerian markets with a mission to democratise credit across the country with its digital lending offerings.

According to a World Bank Report, Nigeria’s private credit bureau coverage was 13.9% in 2019. The numbers must have improved post-pandemic, but there is still a long way to go. Yabx aims to bridge the gap between the new-to-credit segments and the banks in Nigeria at scale and introduce new-age FinTech products and solutions in the high-demand markets of the country.

The company will further amplify its local operations in Nigeria to capitalise on the investments being made in the digital lending space of the country.

Yabx has partnered with several African banks to create large, scalable, and profitable digital lending portfolios by leveraging its FinTech platform. Nigeria, where banks generally have faced challenges in underwriting their captive base optimally, Yabx will not only help banks to widen the horizon of services they offer to their captive base but also allow them to launch new and innovative products like Buy Now Pay Later, Personal Loans, Payday loans, MSME loans etc.

“While digital financial services have catalysed financial inclusion, access to financial services and credit remains an obstacle in countries like Nigeria. Without available credit services, smalls farmers, SME owners, and the new to credit segments face difficulty in obtaining loans to make profitable investments or pay off debts,” said Rajat Dayal, CEO & Founder of Yabx. “Today, banks and financial institutions in Nigeria are more than keen to partner with us and launch new and innovative products for new-to-credit segment. Our platform doesn’t only increase the reach of such banks but also helps them play a major role in creating a global credit score which will eventually help the new to credit segments in the country build a life without any external aid”, further added Rajat.

Yabx uses Big Data Analytics and AI/ML algorithms on large volumes of alternate data to create a detailed financial identity of customers and help banks underwrite them over the Yabx Loan origination and Lifecycle Management System. This customer origination and servicing can be done on various channels like the bank’s own digital banking app, USSD channel, website, or even as embedded options in third-party apps.

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