Creditchek, a fintech building cross-border credit assessment infrastructure to help African immigrants access financial services globally has raised funding from Baobab Network.
Based in Nigeria, CreditChek aims to empower African immigrants to access financial services by enabling banks and lenders to assess creditworthiness across borders in under 5 minutes. The startup tackles a significant challenge as 70% of Africa’s 40 million annual emigrants are excluded from basic financial services because their credit histories don’t transfer between countries.
By connecting with major African credit bureaus, leveraging open banking for income assessments, and integrating with government databases for identity verification, CreditChek provides a comprehensive solution to bridge this gap.
Founded by Kingsley Ibe formerly of MicroMoni and CTO Lionel O, the two have developed technology that reduces credit assessment integration times from 9 months to just 72 hours, making it faster and more affordable for financial institutions to serve immigrant customers.
Nova Credit a similar firm has successfully addressed cross-border credit challenges in the U.S., and CreditChek is poised to tackle this critical gap for Africa’s projected 147M emigrants by 2050.
As Africa’s digital financial services sector grows exponentially in the next few years with over 350 million adults unserved in Africa, CreditChek is well positioned to provide the much needed solutions that will drive financial inclusion across various sectors and industries in Africa and beyond.
CreditChek uses structured, user-permissioned data from multiple sources to create powerful Identity, credit and verification services that empower fintechs, banks, microfinance institutions, retail businesses and mobile money operators to build better financial products for the underserved.
The firm is on a mission to bridge the trust gap between credit worthy consumers and credit businesses in Africa. The platform helps its customers to verify the true Identity, income and credit history of their customers and prevent bad debt and reduce high non-performance loans using Creditchek’s API and no-code platform.
