Zenith Bank has provided Reeple, a company that analyses credit risk, with support in the form of funding as well as other forms of internal support.
The goal of this assistance is to help Reeple revolutionise the credit market in Nigeria, which is currently afflicted by high rates of credit defaults and a large number of predatory lenders. For instance, in 2021, lenders were reported to have suffered losses totaling $3.3 billion as a result of non-performing loans or, to put it another way, high credit default rates.
This has generated a ripple effect that has limited access to credit facilities and exposed innocent consumers to the risk of being taken advantage of by predatory lenders.
The Reeple team is currently working to solve this issue by utilising technology that is powered by artificial intelligence in order to assist thousands of credit firms and fintechs in Nigeria in efficiently and promptly determining the creditworthiness of their customers.
Additionally, the Reeple team is assisting small businesses in determining either their credit scores or their creditworthiness and connecting them to low-risk loan facilities.
The software developed by Reeple is intended to assist financial institutions in the examination of their customers’ financial data, spending patterns, and behavioural patterns, in addition to providing further insights and analysis on a customer’s loan history, fraudulent actions, and credit default likelihood.
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Assistance companies in Nigeria obtain from Reeple
Over 1200 companies in Nigeria are receiving assistance from Reeple in determining their creditworthiness and gaining access to low-risk credit.
The CEO of Reeple, Oluwatomisin Kolawole, has stated that the company’s long-term objective is to ensure that their product assists the 38 million underserved small businesses and the 45 million credit starved individuals in Nigeria in gaining 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 between them in building and scaling technology products across Africa.
They are extremely excited about the opportunity to transform and build an organisation that will be the foremost in Africa in terms of credit risk analysis and scoring.
About Zenith Bank
Zenith Bank Plc was founded in May 1990 and began commercial banking in July. After a successful IPO, the Bank became a public limited company on June 17, 2004, and was listed on the Nigerian Stock Exchange (NSE) on October 21, 2004.
Zenith Bank Plc is Nigeria’s largest tier-1 bank, with over half a million shareholders. The LSE listed $850 million of the Bank’s shares at $6.80 each in 2013.
Zenith Bank Plc, headquartered in Lagos, Nigeria, has over 500 branches and business offices in important commercial centres in all states and the FCT. Zenith Bank (UK) Limited, the UK subsidiary of Zenith Bank Plc, was licenced by the Financial Services Authority (FSA) in March 2007.
Ghana, Sierra Leone, and Gambia have Zenith Bank subsidiaries. The bank has a representative office in the PRC. The Bank wants to expand Zenith to other African, European, and Asian markets.
Zenith Bank Plc pioneered digital banking in Nigeria by deploying ICT infrastructure to provide novel solutions for its teeming consumers.
The Zenith brand has become linked with cutting-edge financial technology since the bank leads in its adoption. The Bank has combined vision, skilful banking expertise, and cutting-edge technology to create products and services that anticipate and meet customer expectations, enable businesses to thrive, and grow wealth for customers.
Since 1990, Jim Ovia CFR’s Zenith Bank Plc has risen to become one of Africa’s largest financial organisations. Zenith Bank Plc is Africa’s sixth-largest bank. The Bank’s shareholder money rose from $20 million in 1990 to $704.50 billion in 2016. Today, the bank thrives on its core values, brand equity, corporate culture of professionalism, and service quality.