Fintech Company Introduces A Platform For Credit Rating

CrediSure Financial Technologies, a fintech startup, is set to launch its suite of digital lending and credit scoring tools designed to bridge the credit access gap for Nigerian entrepreneurs and underbanked individuals.

Ayodeji Oluyemi, the co-founder of the company, stated in an interview with Vanguard that the company is launching three main products: CrediSure Lite, CrediSure Business, and the CrediSure SaaS Lender Dashboard, which is intended to assist lenders in making data-driven choices by utilizing alternative credit scoring models.

He claims that the software is 90% completed and ready to be released on the Playstore and web. 

“We are developing more than just a credit scoring tool,” he said. With the use of real-time financial data, we are building a bridge of trust. Due to their informal business practices, banks are unable to see the millions of creditworthy Nigerians. Our goal is to alter that and the reason why they want to change this narrative.

He claims that CrediSure Business offers credit profiling for businesses, including tax and business registration information, whereas CrediSure Lite targets people who are at least 18 years old. Lending institutions can display products, assess applicants using financial analytics, and track loan repayment using open banking APIs with the SaaS Lender Dashboard.

The absence of gig workers and SMEs from official credit systems served as the impetus for CrediSure, according to Oluyemi, a business strategist with more than 15 years of expertise in industries like banking, technology, and real estate.

Oluyemi claims that CrediSure provides a route to inclusive lending because formal credit penetration among Nigeria’s adult population is still low. “With clear risk profiles and an equitable debt recovery system, we hope to empower lenders and borrowers alike,” he continued.

Speaking about data privacy and security, Oluyemi stated that users have complete control over all data collecting and that end-to-end encryption and secure cloud computing devices and infrastructures are used by the app, which also complies with GDPR standards and Nigeria’s Data Protection Act.