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Periculum debuts in Nigeria to boost financial inclusion

Canadian fintech startup and credit assessment company, Periculum, has launched in Nigeria.

The company also announced the appointment of a Managing Director, Damilola Aluede, to accelerate its business in Nigeria.

Founded in 2019, Periculum helps its banking and lending customers identify fraud risk, assess creditworthiness, and analyse existing data.

In a report from the Fintech firm and sighted by NIPC Intelligence, Periculum offers real-time decision-making, analysis, and credit underwriting solutions to financial institutions including banks, non-banking financial companies, and fintech companies.

By providing information on the financial worthiness of customers and automating the loan decision process, Periculum’s customers can gather and analyse borrower information and assign a credit score faster, with real outcomes on financial inclusion in Nigeria and other markets, the report stated.

The absence of tech-enabled credit assessment infrastructure has limited the quality and quantity of lending and may be behind the risk premiums borrowers have to pay, and the harassment practiced by predatory lenders in countries like Nigeria.

Speaking at the launch, Periculum’s Founder/Chief Executive Officer, Michael Temitope Collins, said: “Africa needs domestic credit to stimulate real economic growth. And this is not only bank-to-business credit; it can also be digital lending for short-term credit as well as ‘buy now, pay later’ schemes.

The absence of tech-enabled credit assessment infrastructure has limited the quality and quantity of lending and may be behind the risk premiums borrowers have to pay, and the harassment practiced by predatory lenders in countries like Nigeria.

“Periculum will change that. We are a top provider of data analytics and credit assessment services targeted explicitly to underserved markets.

“We help our customers to reduce their lengthy loan application processing times and loan default rates and offer loans to the underbanked and unbanked consumers as well as micro, small and medium-scale enterprises.

“With reliable, tech-enabled, credit assessment services, financial institutions can increase lending to those that need credit.”

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