A Netherlands-based FinTech company, Yabx, has announced its foray into Nigerian markets with a mission to democratize credit across the country with its digital loan offerings. According to a World Bank report, private credit bureau coverage in Nigeria was 13.9% in 2019.
The numbers must have improved after the pandemic, but there is still a long way to go. Yabx aims to bridge the gap between new credit segments and banks in Nigeria at scale and introduce new-era fintech products and solutions to the country’s high-demand markets.
The company will further scale up its local operations in Nigeria to capitalize on investments made in the country’s digital lending space. Yabx has partnered with several African banks to create large, scalable and profitable digital loan portfolios by leveraging its fintech platform.
In Nigeria, where banks have typically struggled to optimally underwrite their own captive base, Yabx will not only help banks broaden the horizon of services they offer to their captive base, but will also enable them to launch innovative new products such as Buy Now Pay Later, Personal Loans, Payday Loans, MSME Loans, etc.
Commenting on the expansion, Rajat Dayal, CEO and Founder of Yabx said, “While digital financial services have catalyzed financial inclusion, access to financial services and credit remains a barrier in countries like Nigeria.
“Without credit services available, smallholder farmers, SME owners and new credit segments find it difficult to obtain loans to make profitable investments or pay off debts.”
“Today, banks and financial institutions in Nigeria are more than eager to partner with us and launch new innovative products for the new creditor segment.
Our platform not only increases the reach of these banks, but also helps them play a major role in building a global credit score that will eventually help new credit segments in the country build a living. without any outside help,” Rajat added. .
Yabx uses Big Data Analytics and AI/ML algorithms on large volumes of alternative data to create detailed financial identity of customers and help banks underwrite them through Yabx Loan origination and Lifecycle Management System.
This creation and customer service can be done on different channels, such as the bank’s digital banking app, USSD channel, website, or even as integrated options in third-party apps.
Yabx’s growth and innovation has also been validated on the most reputable global platforms, ranging from the United Nations Capital Development Fund (UNCDF) to being recognized as “LendTech of the Year” at the Asia Fintech Awards 2022.
The Fintech start-up also won the “Best BNPL Solutions Award” at the recently concluded Global Fintech Fest 2022. With such global recognition and presence already in place, Yabx is poised to accelerate its mission in the Nigerian market to open up corners of opportunity. it didn’t exist before
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