Yabx plans to bring new fintech solutions for digital lending to the country and help banks launch new and innovative products for people new to credit segments such as Buy Now Pay Later, Payday loans, MSME loans, Personal Loans, etc
Yabx, a FinTech company based in the Netherlands, announced that it is entering the Nigerian market to make digital lending more accessible to everyone in the country.
In 2019, private credit bureau coverage in Nigeria was 13.9%, according to a World Bank report. After the pandemic, the number must have gone up, but there is still a long way to go.
Yabx wants to close the gap between people new to credit segment and banks in Nigeria on a large scale. It also wants to bring new fintech products and services to Nigeria’s high-demand markets.
The organization intends to further expand its local operations in Nigeria to make the most of the investments that are being made in the digital lending market of the country.
Yabx has teamed up with several African banks to use its fintech platform to create large, scalable, and profitable digital lending portfolios.
In Nigeria, where banks, in general, have had difficulty optimally underwriting their captive base, Yabx will not only help banks to widen the horizon of services they offer to their captive base, but it will also allow them to launch new and innovative products such as Buy Now Pay Later, Personal Loans, Payday loans, MSME loans, and so on.
Rajat Dayal, CEO and Founder of Yabx, said about the expansion, “While digital financial services have helped bring more people into the financial system, access to financial services and credit remains a problem in places like Nigeria.”
If credit services were not readily available, small farmers, business owners of SMEs, and those who were beginning their creditworthiness would have difficulty acquiring loans to make investments that would be successful or to pay off obligations.
Today, banks and other financial institutions in Nigeria are eager to work with us to launch new and innovative products for people just starting credit.
Our platform not only expands the reach of such banks, but it also assists them in playing a significant part in the development of a global credit score, which will ultimately help those segments of the country’s population that are new to the credit market in establishing a life for themselves without the assistance of any outside sources, Rajat further added.
Yabx employs Big Data Analytics and AI/ML algorithms on vast quantities of alternative data to generate a comprehensive financial profile for each customer and assist banks in evaluating them via its Loan Origination and Lifecycle Management System.
This can be done on different channels, like the bank’s digital banking app, USSD channel, website, or even third-party apps with embedded options.
Yabx’s development and innovation have also been recognized at some of the most reputable worldwide venues, such as the United Nations Capital Development Fund (UNCDF) and the Asia Fintech Awards 2022, where it was awarded as the “LendTech of the Year.”
At the completed Global Fintech Fest 2022, the financial technology start-up was given another “Best BNPL Solutions Award.”
Yabx is poised to accelerate its goal in the Nigerian market to open up corners of opportunities that did not previously exist. This is made possible by the company’s already established global recognition and presence.