As Nigeria grapples with the growing menace of so-called “digital loan sharks,” fintech company Andray Finance has unveiled a Software-as-a-Service (SaaS) platform aimed at restoring trust, fairness and dignity to the country’s digital lending ecosystem.

The platform, according to the company, is designed to replace aggressive loan recovery practices with data-driven credit assessment, offering a safer and more ethical alternative for Nigeria’s unbanked and underserved populations.

Speaking on the innovation, Operational Manager at Andray Finance, Wealth Jumbo, said the firm is leveraging proprietary technology rather than harassment or public shaming to manage credit risk.

She noted that while digital lending has expanded access to credit in Nigeria, it has also been accompanied by exorbitant interest rates and unethical recovery methods, including harassment and defamation of defaulters through their contact lists.
“Digital lending has been a double-edged sword,” Jumbo said. “Access to credit has increased, but often at the cost of dignity. Andray Finance is entering this space with a model that prioritises data science over defamation.”

At the core of Andray Finance’s operations—headquartered at Cardinal Place, 13 Ayo Babatunde Crescent, Oniru, Lekki, Lagos—is a robust SaaS platform that redefines how lending risk is assessed. Unlike conventional lenders that depend heavily on collateral or formal salary history—requirements that exclude millions of informal workers—the company deploys an AI-driven engine that analyses alternative data points.
“We realised that the perceived ‘risk’ of the unbanked is not their inability to repay loans, but the inability of traditional systems to understand their financial behaviour,” Jumbo explained.
“Our SaaS model enables us to build a dynamic financial identity for a roadside mechanic or market trader by analysing transaction flows and behavioural patterns. This allows us to offer fair, personalised loans without trapping borrowers in predatory pricing or debt cycles.”

The platform is targeted at Nigeria’s under-segmented population, including micro-entrepreneurs and the so-called “invisible” middle class that powers the informal economy. By automating the entire credit lifecycle, Andray Finance reduces operational costs, savings it says are passed on to borrowers in the form of more affordable credit.

In addition, the platform incorporates what the firm describes as a “Financial Dignity” protocol, ensuring strict data privacy compliance and protecting borrowers from the public shaming tactics that have become common in the digital lending space.

Beyond lending, Andray Finance says it is focused on building credit histories for previously excluded individuals. By onboarding users onto its SaaS platform, borrowers generate verifiable financial records that can eventually unlock access to larger financial products and facilitate their integration into the formal economy.
“Our objective is to demonstrate that lending to the underserved can be both ethical and profitable,” Jumbo said. “With Andray Finance, we want every Nigerian to know that their financial potential is recognised and respected.”