Singapore-based fintech platform, CredoLab has concluded plans to launch across Nigeria, Ghana and Kenya. This launch is targeted at commercial banks, consumer finance companies, auto lenders, online and mobile lenders, insurance companies and retailers. The company is looking to help the listed institutions/persons build digital records that will grow their client base.
CredoLab develops bank-grade digital scorecards on smartphone device metadata. The firm is making this move after it signed three new banks. They have developed scorecards worth $1 billion in loans, which was issued by over 50 lenders across 15 countries.
CredoLabs scorecard is built on mobile device data and powered by Artificial Intelligence. The firm’s machine learning algorithm produces a secured and customized alternative credit scoring solution. The solution aims to drive financial solution in Africa.
Peter Barcak, co-founder and CEO of CredoLab said the penetration of smartphones currently outperforms the penetration of bank accounts in Africa. Stating that it is an opportunity for them and other fintech platforms to tap into user’s behavioural data to assess the user’s creditworthiness. Afterwards, enable them to receive loans at fair terms even in the absence of credit history.
CredoLab’s proprietary algorithm uses anonymous, non-personal, consented smartphone metadata to predict the creditworthiness of users. CredoLab is looking to tap into Africa’s huge opportunity, considering that the continent’s growing smartphone penetration has been estimated to double by 2025.
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