API-based open banking helps enterprises reach potential customers, while cutting costs associated with risk assessment and the development of new payment, transaction and lending services
Olumuyiwa Olowogboyega
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Digital lenders have always depended on data to make instant loan decisions. This year, startups are offering these lenders more data points
Access to credit is important in any economy because it is how households are able to build wealth and take advantage of opportunities. Being able to borrow money at affordable interest rates is one way you can take a chance on a business idea.
Beyond building wealth, access to credit is a safety net for households that experience economic shocks like job losses or ill health. Despite the importance of credit, data from the Financial Inclusion Secretariat shows that formal sector credit penetration as a ratio of the adult population in Nigeria was below 5.3% in 2017.