Redefining access to credit in Africa through open banking

Zeeh Africa, a leading open banking KYC API solution provider, is spearheading efforts to close the $36 billion credit gap in Africa through innovative technology and a strong focus on financial inclusion. In a recent interview with CNBC Africa, David Adeleke, the Co-Founder and CEO of Zeeh Africa, shed light on the company's mission to connect clients to credit facilities more efficiently. At the core of Zeeh Africa's offering is the ability to aggregate financial data from traditional banks and other financial institutions, enabling third parties to access and leverage this data for the development of innovative products in areas such as loans, investments, pensions, and insurance. A key theme that emerged from the interview was the role of open banking in bridging the gap between traditional financial institutions and the burgeoning fintech sector. Adeleke highlighted how open banking serves as a framework that fosters collaboration between banks and fintech companies, facilitating the seamless sharing of customer data to enhance credit assessments and improve access to financial services. By leveraging existing transaction histories and credit profiles, Zeeh Africa is driving financial inclusion and empowering individuals and businesses across Africa to access credit more effectively. Data privacy and security were also central topics of discussion during the interview. Adeleke emphasized Zeeh Africa's commitment to safeguarding customer data through robust cybersecurity measures and compliance with regulatory requirements. By implementing stringent security protocols and obtaining user consent for data sharing, Zeeh Africa ensures that customer privacy remains a top priority in all its operations. In terms of driving financial inclusion in remote areas of Africa, Adeleke shared impressive statistics showcasing Zeeh Africa's impact. The company has processed approximately $15 million in loans and handled over 2 million API calls, with a significant portion originating from underbanked and unbanked regions in Nigeria. Through its open banking infrastructure, Zeeh Africa is empowering businesses and individuals in remote areas to access credit and financial services, thereby fostering economic growth and development. Furthermore, Zeeh Africa's integration of AI technology into its open banking system has enabled personalized financial management for users. By analyzing transaction data and providing insights on budgeting and financial planning, Zeeh Africa is empowering individuals to take control of their finances and make informed decisions. Looking ahead, Adeleke discussed Zeeh Africa's expansion plans into Rwanda, citing the country's conducive business environment and supportive policies for startups and investors. By tapping into Rwanda's growing fintech ecosystem and leveraging its innovative regulatory framework, Zeeh Africa aims to establish a strong presence in the country and use it as a springboard to expand into neighboring African markets. Addressing regulatory challenges in Nigeria and Kenya, Adeleke highlighted the importance of compliance and legal expertise in navigating the complex regulatory landscape. By employing a dedicated compliance officer and staying abreast of evolving policies, Zeeh Africa ensures that it operates in accordance with local regulations and promotes secure open banking practices in both countries. In conclusion, Zeeh Africa's commitment to driving financial inclusion, leveraging open banking technology, and prioritizing data security underscores its significant role in revolutionizing access to credit in Africa. With a strategic focus on empowering underserved communities and promoting economic growth, Zeeh Africa is poised to lead the charge towards a more inclusive and accessible financial ecosystem across the continent.