The use of innovative financial technologies in the financial services industry in Nigeria provide solutions that aim to maintain the safety of funds in various payment systems and ecosystems, ensuring business continuity.
One of such innovative tech solutions – JuicyScore – a company that is positioning itself on the African continent, as one of the pioneers in tech-driven risk management and credit-scoring in Nigeria.
Lawrence Osayemi, Regional Sales Director in Nigeria at JuicyScore, risk management and antifraud firm, shared his outlook about the future of Fintech industry Africa’s largest population in 2023.
“The Nigerian Fintech industry is currently saturated with a wide range of services including innovative payment platforms, digital currencies, online lending services, mobile banking platforms etc.”
“This offers a big challenge to the Nigerian government who is clearly aware of the vulnerability of digital financial platforms that have begun to actively develop in the country with the surge of Fintech companies.”
The negative effect of this is Fintech explosion is very clear. The country’s financial institutions have already experienced the consequences of online fraud which has resulted in reputational losses and loss of billions of naira in real and potential revenue.
Mikhail Marchenko, Co-Founder of JuicyScore, believes that digitalization of the Nigerian economy gives Africa’s largest economy an immense potential, because the country has much more to achieve.
According to Mr. Marchenko: “The hard truth here is that with big innovation comes big risk and the Fintech companies often introduce new and shiny financial products and solutions without paying the proper attention to risk management measures. And that’s where we, JuicyScore, come in.”
Mr. Marchenko adds: “One of the big things about the JuicyScore service, using advanced technological credit scoring solutions, based on digital footprint of the device, mobile phones in particular, our clients (online businesses) can mitigate operational risks really well, all this without using any personal data of a customer.”
“Beyond that, our clients can increase their acceptance rate significantly and improve credit penetration and financial inclusion among people within a specific credit profile.”