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Creditchek
Lagos, Nigeria


Open Date 2022/01/01 12:00:AM
Investor Memo

CreditChek.africa helps Africans verify their credit status using pre-approved data gotten from bank statements, government and other real-time financial sources. This is used to create powerful financial data verification services for retail businesses, fintechs and microfinance institutions in Africa. 

We recently launched our MVP and testing in private beta. Currently, we play in a $330b market that is growing 18% annually. We are better than the existing alternative because we offer: 

  1. Easy Access: We provide access to historical data from all credit bureaus 
  2. Reduce fraud: Avoid loan stacking through historical profiling 
  3. Save Time: Save cost and time spent manually analysing bank statements through our automated statement parser 
  4. Analytics & Insights: We analyse consumer banking data to give key insights on cash-flow, ascertain income & credit networth to determine appropriate financing 
  5. Identity Verification: Unearth the true identity of potential borrowers and their location in real-time 

Our team has extensive experience across financial technology services, credit and data security; 

Kingsley Ibe is co-founder & CEO. He is an experienced business development professional with cross-industry and cross-functional experiences in financial technology. 

Previously, he was COO at OyaPay (cofounded by Abdul Hassan, CEO, Mono). Kingsley also cofounded a micro-lending startup - MicroMoni, which was later acquihired in 2020 by AjoCard. At AjoCard, he led the development and commercialization of several products, including setting up the lending business, pioneering the launch and scale of Health Insurance for low-income individuals and leading partnership with the CBN Anchor Borrower scheme to provide credit and insurance to 100,000 farmers. 

Lionel Orishane is the CTO: He is an experienced technology executive and security expert with over a decade of informed decision experience working in the data and security industry. 

Previously, he led expansion across Africa as a Senior presales and security consultant, West Africa at Redington Gulf and Cyber Security Practice Lead, Sub-Saharan Africa at Trend Micro Inc. 

Why is this an opportunity not to be missed? 

There are significant credit gaps across all sectors of the credit market. In Nigeria alone, the credit gap is currently valued at N74trillion($130b). 

In 2015, the CBN published data revealing that only 5m Nigerians had taken out personal loans worth $7bn. According to statistics by the Central Bank of Nigeria (CBN), the value of consumer loans moved from N584 billion in 2012 to N786 billion in 2015. This is 35 percent growth in just three years. 

One of the historical hurdles to economic growth; agriculture and many other sectors is access to consumer credit. There's a strong link between access to credit and economic growth, and the most efficient way to bridge this divide is through access to reliable data.

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