Creditchek is a Nigerian-based credit assessment platform that verifies the creditworthiness of African consumers. It was founded in 2021 by two brothers-in-law Kingsley Ibe and Lionel Orishane. Creditchek is a business-focused platform that aims to help credit companies access data.
These data determine if a person is creditworthy before they get loans. That way, credit institutions have enough basis to make informed decisions when providing loans to underserved Africans.
Generally, Creditchek helps loan companies do the following:
- Get access to historical data from all nationally accredited credit bureaus.
- Reduce fraud by avoiding loan stacking through historical profiling.
- Save time and cost spent manually analyzing bank statements through their automated statement parser.
- Gain Insights. This can be credit or income insights. It analyzes banking data of consumers to give key insights into their cash flow, and ascertain their income & credit worth to determine appropriate financing.
CreditChek recently announced pre-seed funding of $240,000. This will aid its vision of becoming the most reliable credit infrastructure in Africa in the next 5 years. The funding was led by Atom Capital while Aidi Ventures, Ham Serunjogi of Chippercash, Olumide Ogunsanwo of Adamantium Fund, Damola Adegboyega of Assembly Investors, Isaac Ewaleifoh of Launch Africa Ventures, and Ogundiran Kayode participated
How does Creditchek source data
Creditchek collects its data from credit bureaus and banks. They also source data from telecommunication companies and mobile money operators. Whichever way, they simply gather data that credit companies find difficult to access. All the founders did was a partner with credit bureaus that hold this type of data. Then combined them making it easier for these businesses to access them without going to credit bureaus. At the click of a button, they can easily see what someone’s average income is, their expenses, and their debt-income ratio.
Who can use Credichek
Microfinance institutions: Creditchek provides software as a service creditworthiness platform for institutions like this. It helps them build, launch and deliver multiple loan deals at scale to several consumers.
E-commerce and Retail Businesses: it helps businesses to enable the buy now pay later option for their customers. Simply because they have a cost-effective assessment platform that helps them know who to give products to.
Savings and Credit Cooperatives: Creditchek helps local cooperatives bring their services online. When they do this, they can now determine borrowers’ worthiness process with the platform’s top-notch credit assessment.
Software Engineers: It is software engineers who Integrate the APIs for various businesses. It only takes a few minutes to integrate the credit data APIs.
In the meantime, Creditchek has processed almost 5,000 API calls and onboarded more than 30 businesses to the platform. These businesses have gone on to run assessments for thousands of customers.CreditChek has positioned itself as a solution provider to drive financial inclusion across various African sectors and industries. Its goal is to build a more robust technology and expand its team and marketing efforts. Thus, they are open to more profitable partnerships.Featured Image Source: Nairametrics
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