Canadian fintech startup, Periculum, has officially launched operations in Nigeria, introducing advanced credit assessment tools aimed at closing the consumer credit gap for underserved markets. The company’s mission focuses on supporting financial institutions in extending credit facilities to financially excluded populations by automating and improving credit assessment processes.

Periculum’s founder and CEO, Michael Collins, highlighted Africa’s need for accessible credit, essential for economic growth. He noted, “Africa needs domestic credit to stimulate real economic growth. This includes not only bank-to-business credit but also digital lending for short-term needs and ‘buy now, pay later’ options.” Collins pointed out that the absence of robust, tech-driven credit assessment infrastructure has limited lending quality and accessibility, increasing costs for borrowers and enabling predatory practices.

Periculum’s services aim to combat these issues by offering data analytics and credit assessment solutions tailored to underbanked and underserved markets. These tools are expected to reduce loan processing times, lower default rates, and facilitate credit access for consumers and small businesses.

The company also announced the appointment of Damilola Aluede as managing director of its Nigerian arm. Among its services, Periculum provides credit model development, SMS data aggregation and analysis, and financial data analysis to help banks and lenders mitigate fraud risk, assess creditworthiness, and generate insights for better decision-making across lending, retail, and ATM operations.