First Circle Capital invests in e-Doc Online, a B2B Open Banking solution enhancing financial data access and efficiency for Nigerian banks.

Information on the Target

e-Doc Online is a B2B Open Banking solution that aims to bridge the data fragmentation issue within Nigeria's financial services sector. By providing a secure layer of financial data infrastructure, e-Doc facilitates access to valuable financial information, which is crucial for efficient decision-making processes among financial institutions. The platform integrates directly with banks' transaction and account databases, enabling it to deliver real-time, high-quality transactional data to its users.

By obtaining customer consent, e-Doc pulls essential data and utilizes a Machine Learning model to analyze this information, categorizing transactions based on income and expenditure patterns. This technology enhances the capabilities of financial services by streamlining credit assessments, improving KYC processes, ensuring thorough financial due diligence, and enabling reliable automated payment recovery methods.

Industry Overview in Nigeria

The financial services industry in Nigeria is rapidly evolving, driven by a surge in digitalization and mobile technology adoption. However, fragmentation and inefficiencies still pose significant c