Baobab Network has invested in Creditchek, a Nigerian fintech startup aimed at facilitating cross-border credit assessments to enhance financial access for African immigrants.

Information on the Target

Creditchek is a financial technology company based in Nigeria, focused on creating a cross-border credit assessment infrastructure tailored for African immigrants. The company empowers individuals to access financial services by enabling banks and lenders to evaluate creditworthiness across borders in under five minutes. This innovative approach addresses a significant challenge, as approximately 70% of Africa's 40 million annual emigrants are denied essential financial services due to the lack of transferable credit histories.

Creditchek connects with major African credit bureaus and utilizes open banking for income assessments, while also integrating with government databases for identity verification. This comprehensive solution effectively bridges the gap for immigrants seeking access to financial services, paving the way for more inclusive participation in the global economy.

Industry Overview in Nigeria

Nigeria's financial technology industry has experienced remarkable growth in recent years, driven by the need for innovative solutions to persistent banking challenges. With a large population and a growing number of tech-savvy individuals