Yabx, a Dutch fintech company, has announced its foray into Nigeria with a mission to democratize credit across the country through its digital lending offerings.
According to a press release from the company, it plans to introduce new era fintech solutions around digital lending in the country; as well as other fintech products that may fall between Nigeria’s new credit segments and banks like Buy Now Pay Later, Personal Loans, Payday Loans, Micro, Small and Medium Enterprise Loans among others.
“Yabx has partnered with several African banks to create large, scalable and profitable digital loan portfolios leveraging its fintech platform.
“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,” he said.
He also said that the company aims to bridge the gap between new credit segments and banks in Nigeria at scale and introduce new era fintech products and solutions to high demand markets in the country.
“The company will further scale up its local operations in Nigeria to capitalize on investments made in the country’s digital lending space.”
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, small 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 innovative new products for the beginner credit 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 the country’s new credit segments build a living. without any outside help,” Rajat added.