Canadian fintech firm launches Nigerian arm

Canadian fintech firm launches Nigerian arm

Canadian fintech startup and credit assessment company, Periculum, has announced its launch in Nigeria.

According to a statement, the company aims to tackle the challenge of domestic credit in underserved markets by automating credit assessment tools to close the consumer credit gap and help financial institutions provide credit facilities to the financially excluded.

Periculum’s founder and Chief Executive Officer, Michael Collins, said, “Africa needs domestic credit to stimulate real economic growth. And this is not only bank-to-business credit, it can also be digital lending for short-term credit as well as ‘buy now, pay later’ schemes.

“The absence of tech-enabled credit assessment infrastructure has limited the quality and quantity of lending and may be behind the risk premiums borrowers have to pay, and the harassment practised by predatory lenders in countries like Nigeria.

“Periculum will change that. We are a top provider of data analytics and credit assessment services targeted explicitly to underserved markets. We help our customers to reduce their lengthy loan application processing times and loan default rates and offer loans to the underbanked and unbanked consumers as well as micro, small and medium-scale enterprises.”

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Collins said with reliable, tech-enabled, credit assessment services, financial institutions could increase lending to those that need credit.

The company also announced the appointment of Damilola Aluede as the managing director for its Nigerian arm.

According to the statement, the company helps its banking and lending customers identify fraud risk, assess creditworthiness, and analyse existing data.

“The company offers services that include credit model development, SMS data aggregation and analysis, financial data analysis, and other data analytic solutions to help its customers with solutions such as fraud detection, insights for lenders, insights to retailers and ATM operators,” the CEO said.

Contact: [email protected]

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