Yabx, a FinTech venture headquartered in the Netherlands, today announced its foray into Nigerian markets with a mission to democratize credit across the country with its digital lending offerings.
Plans to introduce new age fintech solutions around digital lending in the country; Will help banks to launch new and innovative products for a new-to-credit segment like Buy Now Pay Later, Personal Loans, Payday loans, MSME loans etc
According to a World Bank Report, the private credit bureau coverage in Nigeria was 13.9% in 2019. The numbers must have improved post-pandemic but there is still a long way to go. Yabx aims to bridge the gap between the new-to-credit segments and the banks in Nigeria at scale and introduce new-age fintech products and solutions in the high-demand markets of the country.
The company will further amplify its local operations in Nigeria to capitalise on the investments being made in the digital lending space of the country.
Yabx has partnered with several African banks to create large, scalable and profitable digital lending portfolios by leveraging its fintech platform. Nigeria, where banks generally have faced challenges in underwriting its own captive base optimally, Yabx will not only help banks to widen the horizon of services they offer to their captive base but also allow them to launch new and innovative products like Buy Now Pay Later, Personal Loans, Payday loans, MSME loans etc.
Commenting on the expansion, Rajat Dayal, CEO & Founder of Yabx said, “While digital financial services have catalysed 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”.
“Today, banks and financial institutions in Nigeria are more than keen to partner with us and launch new and innovative products for the new-to-credit segment. Our platform doesn’t only increase 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 to credit segments in the country build a life without any external aid”, further added Rajat.
Yabx uses Big Data Analytics and AI/ML algorithms on large volumes of alternate data to create a detailed financial identity of customers and help banks underwrite them over Yabx Loan origination and Lifecycle Management System. This customer origination and servicing can be done on various channels like the bank’s own digital banking app, USSD channel, website or even as embedded options in third-party apps.
Yabx’s growth and innovation have also been validated at the most reputed global platforms ranging from the United Nations Capital Development Fund (UNCDF) to being recognised as the “LendTech of the Year” at the Asia Fintech Awards 2022. The Fintech start-up also won the “Best BNPL Solutions Award” at the recently concluded Global Fintech Fest 2022. With such global recognition and presence already in place, Yabx is set to accelerate its mission in the Nigerian market to open up corners of opportunities that didn’t exist earlier.
Yabx aims at simplifying financial access to new to credit customers and MSMEs in the emerging markets of Asia, Africa & Latin America.
Yabx provides financial control and choice to the thin file or no file customers. The company leverages technology and analytics to reduce the cost of delivering financial services, thereby bringing banking services to MSMEs and new-to-credit segments. This is achieved through strategic partnerships with leading banks, microfinance institutions, credit bureaus, mobile financial services providers, mobile network operators and handset manufacturers.
Yabx is operating in over 20+ markets worldwide and has scored over 100+ million customers. Incubated by Comviva, a global leader in mobile financial services, Yabx is a part of the $21 billion Mahindra Group. Led by a team of industry experts and entrepreneurs, Yabx operates out of The Hague, New Delhi, Bogota and Nairobi.