Home / Audio / Online Loan Marketplace, StartCredits Wants To Improve Financial Inclusion In Nigeria [EP 112]
StartCredits Founder, Rahmon Ojukotola

Online Loan Marketplace, StartCredits Wants To Improve Financial Inclusion In Nigeria [EP 112]

Ever needed a loan in Nigeria and wanted to do a comparison of all available options? StartCredits wants to help you do this in the shortest time possible. One of the very first steps to making a great decision is having all the information you need at your disposal. The startup however provides way more than a loan comparison service.

Rahmon Ojukotola is the Founder at StartCredits a fintech startup in Nigeria that helps users compare loans and interest rates in order to make an informed decision. He spoke with Faith History in Episode 112 of the Everything Digital Radio Podcast.


Rahmon Ojukotola, Founder at StartCredits Wants To Make A Difference

Rahmon Ojukotola attended the prestigious Kings College, Lagos. He then moved on to study Accounting & Finance at the University of Southampton. He also holds a Masters Degree in Finance from the London School of Economics & Political Science. The Founder is a Chartered Accountant and has also worked as a Financial Analyst. He was an Investment Banker at UBS and also worked at the Bank of England.

Rahmon thinks of himself more as a Banking than a Tech person. He however has tech skills including computer programming. He returned to Nigeria to make a difference in the lives of Nigerians in his own words. The Founder felt the best way to do so was through his experience in the Finance industry. He decided to leverage his skills-set in Finance to improve how Nigerians access financial credit.


StartCredits Provides Information On Different Types of Loans

StartCredits is an online loan marketplace. It is hoping to improve financial inclusion through its advanced credit risk system. Nigerians can go on the platform to do a search of whatever type of loan they want. The platform will then display details about loans available from different banks. The results will be based on the criteria entered on the website and needs of the users. Loans are available for different needs. The website will also provide users with the interest rate for each of the loan.

The availability of this information makes it easier for users to take an enlightened decision. Regular loan research would be tedious and also time-consuming. Additionally, users can apply for their desired loans directly from the platform. Users can only apply for loans at select partner banks. The startup hopes to add more banks in the nearest future. The website also has reviews about lending platforms in Nigeria. These are non-bank lenders. It displays information such as loan requirements, interest rate etc.


StartCredits Provides A Credit Risk Assessment Service To Businesses

The startup builds advanced credit risk models to businesses especially banks to help them decide on who to lend to. Its solution helps provide better and more accurate credit risk information to these banks. This enables them lend to more applicants. The startup takes historic data that no one has analyzed and performs several regressions on it. It then finds new relationships which signifies whether a person is a credit risk or not. The startup pitches the several regressions and advanced statistical analysis it does to financial institutions in order to win their business.

In addition to the above, StartCredits is providing data scientists a work-space in Lagos to work from. The work-space is based in Gbagada and has a library facility. The hub also has free WiFi and constant power supply for data scientists.


Got any thoughts? Let us also know in the comments! You should also read our list of notable fintech startups in Nigeria.

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