• Friday, March 01, 2024
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Kredete launches AI-Powered lending platform in Nigeria


Kredete, a Nigerian fintech startup has formally launched its AI-powered lending platform in an effort to increase access to formal credit, financial literacy, and innovative financial solutions.

The launch event, which took place at the Civic Centre, Victoria Island, hosted tech specialists and entrepreneurs, who convened to discuss the future of lending in Africa and Kredete’s commitment to bridging the significant credit gap and financial exclusion faced by Nigerians who lack access to formal credit through traditional means.

“Kredete was founded out of my personal experience trying to secure a loan to start a business, and the difficulties experienced inspired me to help Nigerians access loans,” Adeola Adedewe, founder and CEO, of Kredete, said.

‘’With AI, the pre-approval odds for users enhance by providing tailored loan options based on their credit history and financial profile, while for lenders, it becomes easier to assess risks, reduce non-performing loans, and make informed lending decisions,” Adedewe said.

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Alongside its founder, Kredete is led by Hakeem Oriola, chief technical officer, Feyisetan Sowunmi, head of customer experience, and Ebuka Arinze, head of product. Kredete envisions a future where financial access, opportunities, and literacy are equitable for all Nigerians, regardless of their socioeconomic background or credit history.

“Thus, we embarked on a mission to bridge Nigeria’s $360B credit gap and foster financial inclusion for the 82 percent of Nigerians who lack access to formal credit. We are deeply motivated by the importance of access to credit in any country – from empowering SMEs to spurring economic growth. So, we have positioned Kredete to leverage AI-driven technology to facilitate loans for Nigerian entrepreneurs that are faster and simpler to help their businesses scale,” Adedewe said.

In only a few months since Kredete’s establishment, the company has formed strategic partnerships with 25+ financial institutions, including the largest African-based credit bureau, CRC Credit Bureau, and secured funding from prominent investors, including being backed by Techstars, a renowned startup accelerator powered by J.P. Morgan.

In its beta phase, the platform attracted over 70,000 users, demonstrating the strong demand for its services, and signifying the high demand for credit access in Nigeria. While the Company’s immediate focus is on the Nigerian market, it aims to scale its platform and lending infrastructure across Africa to bridge the gap within the continent’s unbanked/underbanked populations.

Kredete was established in Lagos, Nigeria, in 2022 and is a C-Corporation incorporated under the laws of Delaware, USA.