A Canadian financial technology startup, Periculum, has launched in Nigeria with the aim of solving the impasse of domestic credit to the deprived market. Periculum , which is also a credit assessment company is focused on leveraging technology through automated credit assessment tools that close the consumer credit gap and improving financial inclusion in emerging markets.
Speaking at the launch, Periculum’s founder and Chief Executive Officer, Michael Temitope Collins, said “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.”
Periculum was founded in 2019 to help its banking and lending customers identify fraud risk, assess creditworthiness, and analyze existing data. Periculum offers real-time decision-making, analysis, and credit underwriting solutions to financial institutions including banks, non-banking financial companies, and fintech companies. By providing information on the financial worthiness of customers and automating the loan decision process, Periculum’s customers can gather and analyze borrower information and assign a credit score faster, with real outcomes on financial inclusion in Nigeria and other markets.
Periculum also offers data aggregation APIs and platform solutions that aggregate data from partners including open banking APIs and the credit bureaus, to provide complete financial and data profiles of prospective borrowers and third-party entities.