Nigerian fintech startup, Kredete, has launched its lending platform to deepen accessibility to formal credit, financial education, and innovative financial solutions.
The launch event held in Lagos 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 revolutionise 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.
Founder and CEO, Kredete, Adeola Adedewe 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 $360 billion credit gap and foster financial inclusion for the 82 per cent 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.”
He added that “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.”
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.
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.
Kredete was established in Lagos, Nigeria, in 2022 and is a C-Corporation incorporated under the laws of Delaware, USA. With a goal to make credit simple for Africans, Kredete delivers lending solutions to entrepreneurs to make their business dreams a reality while supporting lenders with the tools to make effective lending decisions.
