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Canadian fintech Periculum officially launches in Nigeria

The company aims to solve the challenging domestic credit problem in the underserved markets

Canadian fintech startup and credit assessment company Periculum recently announced that it has launched its operations in Nigeria to tackle the challenge of domestic credit in underserved markets, according to media reports. By opening a new branch, the company aims to solve the challenging domestic credit challenges in the underserved markets in Nigeria by improving financial inclusion in emerging markets through automated credit assessment tools. These tools will be used to close the consumer credit gap and help financial institutions provide credit facilities to the financially excluded while making smarter decisions.

Michael Temitope Collins, Periculum’s founder and CEO told the media, “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.”

Some other services provided by the company include private roadmap and services include SMS data aggregation and analysis, credit model development, financial data analysis, and data analytic solutions. Periculum also helps customers solve detection of fraud, lenders offering customer segmentation and customer lifecycle value, insights for retailers and ATM operators, and several other benefits. Founded in 2019, Periculum delivers services to customers across Canada, Nigeria with plans to move into new markets such as Kenya, Ghana, and Egypt before 2022.

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