Crendly’s character-based AI revolutionises access to finance in Nigeria

Poised to redefine financial access, Crendly has announced the launch of a marketplace to access loans.

The platform is a move set to empower Nigerians and their businesses in achieving financial aspirations and freedom.

According to the CEO of Crendly, Damilare Odueso, stated that Crendly is democratising access to credit by making it a reality for a wider segment of the population to access credit in a market where this has been a longstanding issue, while also fostering economic and financial inclusion in emerging markets.

He noted that in a country with a population of over 200 million, less than 10 per cent of Nigerians have access to credit facilities with high interest rates and little or irregular income being the major barriers.

Odueso said the AI-driven nature of Crendly’s API will extend new capabilities to financial institutions by adapting and growing with new data.

“ It will allow them to transcend traditional boundaries in credit provision by offering precise, bias-free lending decisions to a diverse range of customers, including those beyond their existing customer base.

“ The flexibility and autonomy offered by Crendly are based on the premise that borrowers are empowered to define their loan terms or negotiate directly with lenders in the marketplace. This level of control and choice in loan acquisition presents as a significant change from the conventional structures of traditional banking.

“This is more than a technological innovation; it’s a revolution in the concept of trust in finance, empowering everyday Nigerians to become active participants in the lending landscape. This platform uniquely positions everyday Nigerians to participate actively in the lending process; it allows individuals with disposable income become active lenders, offering loans and earning returns.”

Damilare also reiterated that because Crendly is focused on the democratisation of the lending process previously dominated by traditional financial institutions, it opens up new avenues for financial growth and community support; it identifies trust as a tool for empowerment, enabling Nigerians to both be beneficiaries and contributors to financial prosperity. Crendly is not only providing a solution to the credit gap in Nigeria; it is revolutionising the role of individuals in the financial ecosystem.

“Give loans or take loans, Crendly goes beyond making credit equally accessible for everyone, everywhere. It is a community that connects borrowers and lenders, by following strong ethical and credit principles to help both parties reach their financial goals.”