Reeple, a credit risk analysis company, has gotten support in form of funding and other internal support from Zenith Bank to transform the credit industry in Nigeria which is currently plagued with high rates of credit defaults and tons of predatory lenders. For example, $3.3 billion was reported to be lost by lenders in 2021 due to non-performing loans, simply put, high credit default rates, and this has caused a ripple effect in limiting access to credit facilities and exposing innocent borrowers to predatory lenders.
The Reeple team is currently solving this problem by using artificial intelligence technology to help thousands of credit firms and fintechs in Nigeria efficiently and swiftly determine the creditworthiness of their customers, while also helping small businesses know their credit scores or determine their creditworthiness and connecting them to low-risk loan facilities.
Reeple’s product is designed to help financial institutions analyze the financial data, spending patterns and behavioral patterns with further insights and analysis on a customer’s loan history, fraudulent activities and credit default potential.
Reeple is helping over 1200 businesses in Nigeria determine their creditworthiness and access low-risk credit and the CEO, Oluwatomisin Kolawole stated that the long term goal for Reeple is to ensure that their product aids the 38 million underserved small businesses and 45 million credit starved individuals in Nigeria gain access to equitable and fair credit facilities using Reeple’s technology.
The Reeple team which is led by Oluwatomisin Kolawole, Olarinde Olokuntoye and Ayokunle Adesanya has over 20 years of experience amongst themselves in building and scaling technology products across Africa and are super excited about the opportunity to transform and build the foremost credit risk analysis and scoring organization in Africa.
For more information on Reeple's analysis product, visit www.reeple.ai.