Periculum, a Nigerian fintech company, just opened its Nigerian operations. The goal is to increase the country’s credit range. According to the company, domestic credit is crucial for economic growth in developing countries. The Nigerian credit market is smaller than other similar countries.
This Canadian startup is working to improve financial inclusion in emerging markets by automating credit. It will help close the consumer finance gap and assist financial institutions in providing credit facilities for the financially excluded.
At the launch, Mr. Michael Temitope Collins, the founder/CEO of the company, spoke at the launch. He stated that Africa needs “internal credit” to spur real economic growth. The company offers short-term digital credit as well as bank-to-business lending. It also offers buy-now-pay later schemes. Further, the company announced that Mr. Damilola Aluedeas the company’s Managing Director.
Private roadmap and services offered by the company include SMS data aggregation, analysis, credit model design, financial data analysis and data analytic tools. Periculum offers several benefits to customers, including the ability to detect fraud and lenders that offer customer segmentation, customer lifecycle value, insights and assistance for retailers and ATM operators.
The company was founded in 2019 and provides services to customers across Canada and Nigeria. Plans are to expand into new markets like Kenya, Ghana, Egypt, and Egypt by 2022.