Dutch Fintech Venture, Yabx Expands into the Nigerian market to Democratize Credit Access
Yabx, the award-winning Netherlands-based fintech venture, announced today its expansion into Nigeria to democratize credit access across the country through its digital lending offerings.
The lending platform for the underserved, which aims to bridge the gap between new-to-credit segments and banks in Nigeria at scale, as well as introduce new-age fintech products and solutions in the country’s high-demand markets, will also help drive the country’s private credit bureau coverage, which currently stands at around 13.9%, according to a World Bank report in 2019.
Using its fintech platform, Yabx has collaborated with several African banks to build large, scalable, and profitable digital lending portfolios. In Nigeria, where banks have historically struggled to underwrite their captive base optimally, Yabx will not only assist banks in broadening the horizon of services they offer to their captive base, but will also enable them to launch new and innovative products such as Buy Now Pay Later, Personal Loans, Payday Loans, MSME Loans, and so on.
Speaking on the expansion, Rajat Dayal, CEO, and Founder of Yabx said “While digital financial services have catalyzed 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”.
What Yabx ’s Founder is saying
“Today, banks and financial institutions in Nigeria are keen to partner with us and launch new and innovative products for the new-to-credit segment. Our platform not only increases 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,” Rajat further added.
Yabx employs Big Data Analytics and AI/ML algorithms on massive amounts of alternate data to create a detailed financial identity for customers and assist banks in underwriting them via the Yabx Loan Origination and Lifecycle Management System. Customer acquisition and servicing can take place through a variety of channels, including the bank’s digital banking app, USSD channel, website, and even embedded options in third-party apps.
Yabx’s growth and advancement have also been recognized at the most prestigious global platforms, including the United Nations Capital Development Fund (UNCDF), and being named “LendTech of the Year” at the Asia Fintech Awards 2022. At the recently concluded Global Fintech Fest 2022, the Fintech start-up also received the “Best BNPL Solutions Award.” With such global recognition and presence already in place, Yabx is poised to intensify its mission in the Nigerian market, opening up previously untapped opportunities.