CreditChek, a credit assessment provider in Nigeria, has partnered with CredPal to support its new credit card business with creditworthiness and identity verification services.

This collaboration advances CreditChek’s mission to improve access to credit across Africa by providing financial institutions with tools to verify income, assess credit histories, and detect fraud.

“We are excited to partner with CreditChek, a game-changer in credit scoring and reporting in Africa. What we love about CreditChek is how their innovative approach aligns perfectly with our mission to provide access to credit seamlessly across developing economies,”

said Olumide Badewole, CredPal’s Head of Risk.

Since launching in 2022, CreditChek has facilitated over 300,000 verifications and supported more than $30 million in loan approvals, working with over 80 financial institutions.

Its newly launched Spectrum platform, developed with a Credit Bureau, helps financial institutions share data and blacklist serial defaulters to mitigate fraud risks.

With credit card penetration in Nigeria at just 1.6% in 2024 – one of the lowest globally – this partnership comes at a critical time.

Many Africans struggle to access credit due to low incomes, lack of credit history, and a preference for cash transactions. CreditChek is tackling these barriers by using technology to streamline assessments, helping lenders make informed decisions.

Beyond this partnership, CreditChek is building a cross-border credit assessment system to support African consumers globally.

With an estimated 147 million Africans expected to emigrate by 2050, CreditChek aims to ensure their credit histories remain accessible across borders, allowing them to secure financial services in countries like the UK, Canada, and the US.

Through its partnerships and technology, CreditChek is working to build a more inclusive financial system across Africa and beyond.