Out of the 17% of people who have a commercial bank account in Nigeria 85%+ are underserved and thats where we want to disrupt.
QuickCheck is an online/mobile company that builds financial profiles for the financially undeserved through micro-lending and hence ensuring financial inclusion.
QuickCheck uses machine learning to evaluate loans based on an estimate of the probability of default. The probability is based on both demographics filled by the applicant and non-traditional data gathered from the device. Approved loans are disbursed within seconds.
Maximum loan amount is $100 and we charge an interest of 1% daily for a maximum of 30 days.
In the past 10 months we’ve received over 90,000 applications, 43,000 of them were unique loan applications and over 11,000 were granted loans. With over 60% of customers being returning customers.
Our ultimate goal is to be the a bank in customer’s pocket where they can get very cheap loans, save and perform basic banking needs.