Nigerian fintech launches credit-scoring venture

Toju, a Nigerian fintech startup has launched a venture looking to provide alternative credit-scoring for the unbanked.

According to the startup, its team has developed a record management platform for local savings clubs, thrift collectors, microfinance institutions and cooperatives.

Sources familiar with the startup informed the venture was conceived during a pre incubation programme run by Accion Venture Lab in 2019.

Co-founded by Olaide Oladipupo, Byron Neji and Sodiq Tijani, Toju is expected to run with the goal of bringing traditional savings clubs into the modern era and helping their members access financial services.

Speaking on the vision of the startup, Oladipupo explained that the idea was to solve the common challenge encountered by traditional thrift managers. Oladipupo said: “In Africa, while selected people use bank branches, ATMs, and USSD, the vast majority makes use of a different kind of banking, services that have existed since even before colonial times, one that involves an agent going from door-to-door collecting cash deposits and sometimes fulfilling withdrawals at the end of the month.

“And because all their customers withdraw at the same time each month, they would not be able to fulfil their other clients’ demand for a loan.”