It is believed that digital lending companies in Nigeria lose over 2 Billion Dollars to loan defaulters per annum. The digital lending industry faces an obvious problem: how to leverage available data to decide on creditworthy borrowers, thereby mitigating the risk of bad debts and increasing their profit.
CreditChek seeks to provide a solution to the problem of verifying creditworthy borrowers by assessing and verifying the creditworthiness of consumers in Africa. It uses pre-approved data received from bank statements, government, and other real-time financial sources to offer financial data verification services for retail businesses and other lending institutions.
This will enable these companies to avoid loan stacking through historical profiling and determine appropriate financing.
I spoke with co-founder, CEO, Kingsley Ibe and Lionel Orishane, CTO. They took me through the behind-the-scenes at CreditChek as well as the challenges involved and their plans for the future.
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