Yabx Technologies Expands into Nigeria
Yabx Technologies (“Yabx”) is a financial technology company which through its partnerships with banks and telecom operators, underwrites and services target segments available over customer networks. The company operates in Tanzania, Uganda, Malawi, Cote d’Ivoire, Columbia and Indonesia; and has recently expanded into Nigeria.
The company plans to provide digital lending and other fintech products which service Nigeria’s new-to-credit segments and banks. Yabx partners with African banks to create large, scalable and profitable digital lending portfolios by leveraging its AI/ML driven fintech platform. Additionally, Yabx aims to help banks broaden their service offerings with new products such as BNPL products, personal loans and MSME credit products.
Nigerian telecom operators were granted mobile money operating licenses in 2022. This creates a huge growth opportunity for Yabx, as the company’s business model involves partnering with telecom operators. The company, through partnerships with telecom operators and banks will be able to tap into this lucrative market which has approximately 40 million under-/un-banked adults as well as over 120 million people with access to smartphones and internet. According to PayNXT360, the mobile payment industry in Nigeria is expected to record a CAGR of 25.6% to reach USD 74 billion by 2025.
Verdant Capital is raising equity funding for Yabx.
Sources: Company, Business Day Nigeria, CIO, Developing Telecoms, PR Newswire, Research and Markets, Tekedia