Nigeria fintech industry trends: AI technology driven risk management will be a game changer in 2023
The use of innovative financial technologies in the financial services industry in Nigeria provides solutions aimed at maintaining the security of funds in various payment systems and ecosystems, ensuring business continuity.
One such innovative technology solution – JuicyScore – a company positioning itself on the African continent, as one of the pioneers in technology-driven risk management and credit scoring in Nigeria.
Lawrence Osayemi, Regional Sales Director in Nigeria at JuicyScore, risk management and anti-fraud firm, shared his view on the future of the 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 presents a major challenge to the Nigerian government which is clearly aware of the vulnerability of digital financial platforms that have begun to actively develop in the country with the wave 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 resulting in loss of reputation and loss of billions of naira in real and potential revenue.
Mikhail Marchenko, co-founder of JuicyScore, believes that digitizing the Nigerian economy gives Africa’s largest economy enormous potential, because the country has much more to achieve.
According to Mr. Marchenko: “The hard truth here is that with great innovation comes great risk, and Fintech companies often introduce shiny new financial products and solutions without paying attention to risk management measures. And this is where we, JuicyScore, come in.”
Mr. Marchenko adds: “One of the great things about the JuicyScore service, by using advanced technological credit scoring solutions, based on the digital footprint of the device, mobile phones in particular, our customers (online businesses) can reduce operational risk very well, all without using any personal data of a customer.”
“In addition, our customers can significantly increase acceptance rates and improve credit penetration and financial inclusion among people within a specific credit profile.”
