Adedapo Adesanya
By Adedapo Adesanya
Netherlands-based financial technology company, Yabx, has announced its foray into the Nigerian market with a mission to democratize credit across the country with its digital lending offerings.
According to a World Bank Report, the private credit bureau coverage in Nigeria was 13.9 per cent in 2019. The numbers must have improved post-pandemic, but there is still a long way to go.
Yabx 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 new player plans to introduce new-age fintech solutions around digital lending in the country. It said that this would help banks to launch new and innovative products for a new-to-credit segment, like Buy Now Pay Later (BNPL), personal loans, payday loans, and loans from micro, small, and medium-scale enterprises, among others.
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. To do this, Yabx has partnered with several African banks to create large, scalable, and profitable digital lending portfolios by leveraging its fintech platform.
Commenting on the expansion, Mr Rajat Dayal, CEO 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 a 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”, he added.
Yabx is currently operating in over 20+ markets worldwide and has scored over 100+ million customers. Incubated by Comviva, a global leader in mobile financial services, Yabx is a part of the $21 billion Mahindra Group, it operates out of The Hague, New Delhi, Bogota, and Nairobi.
