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Nigerian fintech Indicina close to completing fundraising

By David Whitehouse
Posted on Thursday, 25 March 2021 18:42

Branch-based loan applications in Nigeria raise costs beyond what can be justified for many small loans. REUTERS/Afolabi Sotunde

Indicina, a Nigerian start-up provider of automated tools for credit assessment, is close to raising $1m from investors, managing director Yvonne Johnson tells The Africa Report.

The equity funding will come from a mixture of local and foreign investors, and may be concluded in the next week, Johnson says from Lagos. The money will be used to fund product development.

Johnson, a former head of corporate strategy at First Bank of Nigeria, co-founded Indicina with Yemi Ajao in 2018.

The company’s cloud-based software connects with national identification databases to carry out regulatory checks on potential borrowers and draws on demographic data to assess credit risk. Its platform can also carry out disbursements and collections.