In many African countries, access to credit is crucial for unlocking economic potential, yet the need for more organized and developed consumer credit systems often poses a significant challenge. This means that many consumers need more access to loans due to the absence of a robust credit history. This creates a disadvantage for consumers, making it easier to access credit when needed most. Olugbenga Agboola, the founder and CEO of a leading African fintech company, Flutterwave, aims to address this issue by advocating for increased availability of credit data. This, in turn, can enable more innovative lending solutions to be developed, making credit more accessible for African consumers.
African consumers have limited credit histories or none, making it challenging for lenders to trust them with loans. This absence of credit history places many African, middle-class consumers, at a disadvantage and limits their access to credit. There is a need to improve credit data availability in Africa to make smart lending easier. By utilizing Flutterwave’s innovative platform, Olugbenga Agboola aims to provide credit data accessibility, which will make credit scoring more consistent and data-driven. Lenders can, therefore, mitigate the risk of lending by reviewing each applicant’s credit history, utilization, payment history, and other variables. Read more about Olugbenga Agboola on wikipedia.com
Olugbenga Agboola, CEO of Flutterwave, has a vision of making credit usage more prevalent among African consumers. To achieve this goal, he aims to expand access to credit data, making it natural for people to use credit as they become more financially literate. Flutterwave is helping small businesses by giving access to data access, enabling them to purchase more inventory, attract new customers, and expand their operations. The goal is to provide a level playing field for small businesses and promote economic growth across Africa.
Flutterwave’s core business is transaction processing, and while it has other services and products, everything its customers do on the platform is related to transactions. Flutterwave plans to use its platform’s advantages to create more value. Flutterwave captures data on spending and payments, which it can share with lenders to provide a better understanding of new ways to calculate risk when lending to both individuals and businesses. Olugbenga Agboola is passionate about building an efficient African credit system, avoiding the growing pains other credit bureaus experienced elsewhere. He believes that African credit bureaus can learn valuable lessons from the credit bureaus that developed more recently in the Middle East, Asia, and Eastern Europe that took existing models and improved upon them.
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— Flutterwave (@theflutterwave) April 20, 2023
Olugbenga Agboola believes that Africa’s economies can thrive if access to credit is increased. Flutterwave, a fintech company with an innovative platform, is committed to making smart lending accessible across the continent. Flutterwave’s efforts will expand credit data availability and aid small businesses in receiving the credit they need to succeed. This new funding will allow small businesses to grow and create new opportunities, unlocking the full potential of Africa’s economies. Agboola and Flutterwave’s commitment to providing access to credit will drive economic expansion and prosperity for African individuals and communities. The platform’s efforts will help small businesses gain the support they need to overcome obstacles, which will pave the way for unprecedented growth and new possibilities.