Mida Technologies, a leading financial services provider, has partnered a leading Nigerian tier-1 bank to deploy its MidaOmni solution in support of the bank’s debtor management activities.

Co-founder and Chief Executive Officer at Mida, Mayowa Anibaba, said the undisclosed bank serves over 30 million people and employs over 15,000 people.

Anibaba said partnerships such as these are a key driver of financial inclusion and a thriving credit ecosystem in Africa. He said Mida, which leverages AI-powered ethical debt collection and recovery solutions, looks forward to working with its partners in the financial services sector to achieve its vision of leveraging its blended team of financial services experts, software innovations, and data scientists to enhance debtor management across Nigeria.

“As Mida, we are excited to be entering into this partnership with one of Nigeria’s leading banks. We look forward to moving debtor management into its next phase in Nigeria, creating adding value for lenders and customers alike throughout the financial system,” he said.

Highlighting a key benefit of the solution, the Chief Operations Officer of Mida Technologies, Adija Uzodinma, said with MidaOmni, financial institutions can categorise their credit portfolios into predetermined clusters and designate customised tasks to each segment.

She said this is based on criteria such as risk, delinquency and customer behavior, among others. Uzodinma explained that Mida currently manages a debt portfolio of over $6 million and provides debt management services and solutions to multiple lenders from commercial banks to microfinance banks and other formal and informal lending institutions

“Founded in 2023, Mida Technologies is bridging the credit gap by empowering financial service providers with innovative technology-driven solutions. The company believes that better repayment performance builds trust for creditors while a dynamic and ethical approach increases repayment rates for borrowers,” Uzodinma stated.