Fintech firm Yabx has announced that it is entering the Nigerian market.
The Netherlands-headquartered firm plans to provide digital lending offerings as well as other fintech products that can sit between Nigeria’s new-to-credit segments and banks. Yabx has partnered with several African banks to create large, scalable and profitable digital lending portfolios by leveraging its fintech platform.
It has typically proven challenging for banks in Nigeria to underwrite their captive base optimally. To help address this, Yabx aims to help banks broaden their service offerings with new products such as Buy Now Pay Later, Personal Loans, Payday loans, and MSME.
Rajat Dayal, CEO & 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, smalls farmers, SME owners, and the new to credit segments face difficulty in obtaining loans to make profitable investments or pay off debts”.
“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 to credit segments in the country build a life without any external aid.”
Yabx uses Big Data Analytics and AI/ML algorithms on large volumes of alternate data to create a detailed financial identity of customers and help banks underwrite them over Yabx Loan origination and Lifecycle Management System. This customer origination and servicing can be done on various channels like the bank’s own digital banking app, USSD channel, website or even as embedded options in third-party apps.