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Kredete Launches AI-Powered Lending Platform to Deepen Credit Access for Nigerians

The launch event, which took place on the 16th of April 2023, at the Civic Centre, Victoria Island, hosted tech specialists and entrepreneurs, who convened to discuss the future of lending in Africa and Kredete’s commitment to bridging the significant credit gap and financial exclusion faced by Nigerians who lack access to formal credit through traditional means.

Kredete aims to revolutionize the sphere of lending in Nigeria and beyond by leveraging AI-driven technology and strategic partnerships with financial institutions to create a complete lending infrastructure that enables lenders to be more efficient and cost-effective while empowering users to access credit products suited to their needs. With AI, the pre-approval odds for users enhance by providing tailored loan options based on their credit history and financial profile, while for lenders, it becomes easier to assess risks, reduce non-performing loans, and make informed lending decisions.

Kredete is also passionate about strengthening financial literacy in Nigeria and will achieve this by offering free credit scores, reports, and monitoring tools to help users understand their credit standing and make informed financial decisions. These financial literacy tools prove mutually beneficial for lenders to help streamline their operations and provide loans to creditworthy borrowers, thereby fostering a healthier lending ecosystem. The app can be downloaded here from Google Play Store and the Apple App Store.

Adeola Adedewe, Founder and CEO, Kredete said: “Kredete was founded out of my personal experience trying to secure a loan to start a business, and the difficulties experienced inspired me to help Nigerians access loans. Thus, we embarked on a mission to bridge Nigeria’s $360B credit gap and foster financial inclusion for the 82% of Nigerians who lack access to formal credit. We are deeply motivated by the importance of access to credit in any country – from empowering SMEs to spurring economic growth. So, we have positioned Kredete to leverage AI-driven technology to facilitate loans for Nigerian entrepreneurs that are faster and simpler to help their businesses scale.”

“While analysing the digital lending outlook in Nigeria, we identified that one of the limitations to accessing lending opportunities is the difficulty in determining creditworthiness. Therefore, we have included free credit scores, reports, and monitoring to empower users to obtain credit products that meet their specific needs while equipping lenders with insights to make effective lending decisions. This way, we will modernize Nigeria’s lending industry, provide a competitive edge, and set new standards for loan origination, risk assessment, and approval processes. He added.”

In only a few months since Kredete’s establishment, the company has formed strategic partnerships with 25+ financial institutions, including the largest African-based credit bureau, CRC Credit Bureau, and secured funding from prominent investors, including being backed by Techstars, a renowned startup accelerator powered by J.P. Morgan. In its beta phase, the platform attracted over 70,000 users, demonstrating the strong demand for its services, and signifying the high demand for credit access in Nigeria.

Alongside its founder, Kredete is led by Hakeem Oriola, Chief Technical Officer, Feyisetan Sowunmi, Head of Customer Experience, and Ebuka Arinze, Head of Product. Kredete envisions a future where financial access, opportunities, and literacy are equitable for all Nigerians, regardless of their socioeconomic background or credit history. While the Company’s immediate focus is on the Nigerian market, it aims to scale its platform and lending infrastructure across Africa to bridge the gap within the continent’s unbanked/underbanked populations.

Interested in becoming a lending partner with Kredete? Request a demo here.

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