Flutterwave and Kuda, others now compete with Periculum
By Jeph Ajobaju, Chief Copy Editor
Canadian startup Periculum has launched in Lagos to compete with Flutterwave, Kuda, Opay, and others for a slice of fintech turf in Nigeria’s commercial hub and across the country and beyond.
Periculum says it aims to tackle the challenge of domestic credit in underserved markets by automating credit assessment tools to close consumer credit gap and help financial institutions provide facilities.
“Africa needs domestic credit to stimulate real economic growth. And this is not only bank-to-business credit, it can also be digital lending for short-term credit as well as ‘buy now, pay later’ schemes,” Founder and Chief Executive Officer Michael Collins said.
“The absence of tech-enabled credit assessment infrastructure has limited the quality and quantity of lending and may be behind the risk premiums borrowers have to pay, and the harassment practised by predatory lenders in countries like Nigeria.
“Periculum will change that. We are a top provider of data analytics and credit assessment services targeted explicitly to underserved markets.
“We help our customers to reduce their lengthy loan application processing times and loan default rates and offer loans to the underbanked and unbanked consumers as well as micro, small and medium-scale enterprises.”
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Fraud detection
With reliable, tech-enabled, credit assessment services, financial institutions can increase lending to those who need credit, according to a statement issued by Collins, published by The PUNCH.
Periculum helps banking and lending customers identify fraud risk, assess creditworthiness, and analyse existing data.
“The company offers services that include credit model development, SMS data aggregation and analysis, financial data analysis, and other data analytic solutions to help its customers with solutions such as fraud detection, insights for lenders, insights to retailers and ATM operators,” Collins explained.
Periculum also announced the appointment of Damilola Aluede as Managing Director for its Nigerian arm.
