Yabx, a Dutch fintech company, has announced its foray into Nigeria with a mission to democratise credit across the country with its digital lending offerings.
According to a press release by the company, it plans to introduce new age fintech solutions around digital lending in the country; as well as other fintech products that can sit between Nigeria’s new-to-credit segments and banks like Buy Now Pay Later, Personal Loans, Payday loans, Micro, Small and Medium Enterprises loans, among others.
“Yabx has partnered with several African banks to create large, scalable, and profitable digital lending portfolios by leveraging its fintech platform.
“The private credit bureau coverage in Nigeria was 13.9 percent in 2019. The numbers must have improved post-pandemic but there is still a long way to go,” it stated.
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It also stated that the company aims to bridge the gap between the new-to-credit segments and the banks in Nigeria at scale and introduce new-age fintech products and solutions in the high-demand markets of the country.
“The company will further amplify its local operations in Nigeria to capitalise on the investments being made in the digital lending space of the country.”
Commenting on the expansion, Rajat Dayal, the chief executive officer and founder of Yabx said, “While digital financial services have catalysed financial inclusion, access to financial services and credit remains an obstacle in countries like Nigeria. Without available credit services, small farmers, SME owners, and the new-to-credit segments face difficulty in obtaining loans to make profitable investments or pay off debts”.
“Today, banks and financial institutions in Nigeria are more than keen to partner with us and launch new and innovative products for the new-to-credit segment.
“Our platform doesn’t only increase the reach of such banks but also helps them play a major role in creating a global credit score which will eventually help the new credit segments in the country build a life without any external aid,” Rajat added.
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