How this Ilorin-based fintech is scaling credit access with proprietary lock tech
- Credlock Africa was founded in January 2024 to create a scalable credit infrastructure in Nigeria.
- The startup has deployed ₦1.5 billion ($1 million) in credit across 33 states in Nigeria.
- Credlock's innovative system uses smartphones as collateral, achieving a recovery rate near 95%.
Credlock Africa's innovative approach to micro lending addresses a critical need in Nigeria's informal economy. By leveraging technology to secure loans and focusing on prevention rather than repossession, the company not only mitigates risks for lenders but also empowers borrowers. This model could serve as a blueprint for similar initiatives across Africa, potentially transforming the landscape of credit access.
