Kenya’s UTU Technologies & Hong Kong’s Graychain collaborate to enhance access to credit in Africa

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Nairobi-based UTU Technologies and Hong Kong-based Graychain to give UTU’s customers the ability to link their UTU profile to the Graychain platform to generate credit reports and enhance their access to credit.

According to Jason Eisen, Utu’s CEO: “We are thrilled to begin collaborating with Graychain. Their vision of anonymity-capable borderless credit is both inspiring and critically needed. Access to credit remains one of the largest challenges facing Africa and we see huge opportunity to unlock the continent’s potential by empowering people to both take control of their credit data and match lenders and borrowers based on a broader understanding of credit and trust that preserves privacy.”

UTU’s Trust Infrastructure is already being used by sharing economy and fintech platforms around Africa. By linking up with Graychain, the world’s first credit bureau focused on crypto, the two will be able to allow customers to enhance their credit scores by being able to use trust data which is most often left out due to lack of records in Africa.

With the deal, UTU will link its profiles with Graychain which has analysed over one billion public blockchain address and sells that analysis as credit scores to lenders across the globe.

Graychain’s primary data sources link financial data to addresses. Their upcoming self-verification portal will allow end customers to enhance their score in the US by giving Graychain access to their traditional credit data. This will allow Graychain to take that trust data into account when computing those consumers’ credit scores and generating credit reports.

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One of UTU’s core principles is that consumers should have ultimate control over their data. This agreement fully respects that principle by ensuring that Graychain’s use of this data must be granted by its owner.

Paul Murphy, Graychain’s CEO said: “UTU’s understanding of trust relationships in the African market is unique and necessary. Allowing people throughout Africa to leverage these relationships to gain better access to credit is game-changing. We couldn’t be happier with this relationship and its potential to enhance the lives of millions.”

UTU is backed by prominent global AI and Blockchain investors including SoftBank Group’s DEEPCORE, Zeroth.AI, Animoca Brands, Artesian Venture Partners and æternity Ventures while Graychain is backed by Zeroth.AI, Animoca Brands, and Artesian Venture Partners.