One of Nigeria microfinance fintech, QuickCheck now use machine learning to credit score borrowers. The fintech uses mobile app on Android phones to help people borrow small amount of money. The startup algorithm makes sure that the approved borrowers get cash in a few seconds. The mobile platform was launched in July 2016 that is more than a year now.

In an interview with Disrupt-Africa, Bola Martins-Kuye a co-founder and Chief Executive Officer , CEO said:

“Our ultimate goal is to be a digital bank in the customer’s pocket where they can get very cheap loans, save, take advantage of the power of group buying, and perform basic banking needs,”

“Our idea is to reach the previously financially underserved through a micro-lending system, and build financial profiles for them, hence ensuring financial inclusion. There are over 54 million financially underserved in Nigeria. This is a large market which traditional banks can’t solve due to bureaucracy, lengthy process and huge demands for collateral and low returns for the work required.”

“We have over 10,000 good customers who always pay on-time, with over 60 per cent of them being returning customers,”

“Being a data-driven company, we constantly perform analysis both on the loan data and user experiments to figure out what’s our best move. We found the market to be highly receptive to the idea of a mobile bank, in addition to easy credit access, and that’s where we are headed,”

“We see small loans as a “trojan horse” strategy to get into people’s smartphones, and then get them to use us as their digital bank. We want to be Nigeria’s largest retail bank, without any physical branches,”

“These are essential to the functioning of the economy – the vast majority of all loans are given by those 600 institutions. That’s why they exist in Nigeria and in the broader emerging markets. Without them, 90 per cent of the banked population would not get loans, neither would 100 per cent of the unbanked. But there is still a lot of bureaucracy involved,” he said.

“We believe in equal access to finance, where it should be cheap and serve a purpose.” he concluded.

The firm wishes to be the most popular micro finance fintech brand in Nigeria and also in other parts of Africa. Backed by See stars World, a totally sum of $411,000 in debts and in equity was used to finance the startup. As a result there are over 40,000 users and 93,000 applications. The startup has also made $100,000 in revenue.

The micro finance fintech borrows a maximum of N30,000 per month. Though individuals and business can borrow more than that if they meet the criteria.

Read More: http://www.technologywatch.com.ng/2017/08/quickcheck-nigeria-fintech-uses-ai-to-credit-score-borrowers.html