Carma, A Kenyan-based Credit Data Firm Plans To Relocate Its Headquarters To Lagos

Carma International Inc. has connected with Microtraction to raise funding as an opportunity to accomplish its plan to promote business growth. The Kenyan based media intelligence firm used its peer-to-peer network to manage the vast amount of data and to provide credit data as a service. Now they have indicated that they want to extend their credit data business to Nigeria’s commercial hub, Lagos.

As an investment company, Microtraction has successfully funded several startups in Nigeria to fulfill its objectives of promoting developmental growth with valuable infrastructures starting from its host country before spreading development further across the rest of Africa.

Meanwhile, Nigeria’s finest investment firm, Microtraction, consorted with Carma International with the intent to assist the Kenyan based firm in actualizing the targeted amount of venture capital to boost Carma’s plan to further spreading of quality services beginning from the heart of Africa, Nigeria to the rest of the continents sub-Saharan region. Although the specific amount not revealed, the startup firm proposes to use part of the funds to relocate its headquarters.

Representing Microtraction as a partner, Chidinma Iwueke said: “Providing a solution that addresses this lack of data improves the quality of business processes and also helps the mass populous with access to financing, which of course, is very critical during these times as the world continues to fight a health and economic crisis. We look forward to working with CARMA as we continue to support teams working to address infrastructural challenges across Africa.”

Within the sub-Saharan region of Africa, there is a distinct mismatch between the credit bureaus and their subjects. The bureaus’ strict policy determines why it is difficult for lending companies to access essential data that authorizes processing loans.

However, Ted Martynov, the co-founder, and CEO of Carma International Inc, further defined the reputable standard his company has attained in the credit data marketplace for delivering world-class services in terms of its operational objectives. It serves as a bridge that channels vital data from the source, making it less limited in the media intelligence bazaar.

Ted Martynov said: “Our early-stage venture funding allows us to invest in growing our presence across Sub-Saharan Africa and our ability to address the gap in the credit data ecosystem while strengthening our network of clients. We are also focusing on supporting companies with quality data in the credit decision process to avoid non-performing loans.”

To begin the process of relocating its headquarter, the startup company proposes to continue business operations in Lagos to introduce its network that completely decentralized data sharing services, enabling enterprises to boost credits valuations, thereby monetizing an enterprise’s data as a means of delivering what matters the most, that is generating times two of initial revenue.

He added, “We anticipate strengthening our services across the region, which will bring us closer to helping companies enhance data sharing to build proper credit assessment procedures.”

Carma services are suitable in cooperation of financial and non-financial firms by granting them unlimited access to its data supply chain.