E-Financial
Periculum Launches in Nigeria, Set to Build Credit Assessment Infrastructure for Africa
The availability of domestic credit is a key requirement for consistent economic growth in developing countries. The vitality of financial services such as banking, savings, debt and equity financing, investment management, and point-of-sale lending is largely dependent on the maturity of its domestic credit industry.
Nigeria’s domestic credit market pales in comparison to similar countries of the same size. For context, credit to the private sector in Nigeria is about 12 percent of GDP, lower than South Africa’s 129 percent and Malaysia’s 134 percent.
High ratios of credit to the private sector in these countries have helped to ramp up real sector growth, create innovative innovation possibilities for technology-enabled businesses, accelerate financial development, ensure the efficient functioning of the economy and guarantee the prosperity of the private sector.
The Central Bank of Nigeria (CBN) and other development partners including the Bank of Industry (BoI), the Bank of Agriculture (BoA), among others have embarked on significant credit injections to support the critical sectors of the economy, but the paucity of credit assessment infrastructure ensures many potential borrowers are denied access to loans, and when they do, they can be charged as much as triple the base interest rate.
This financial exclusion has significant outcomes for the real sector as lack of access to credit can be a disincentive to entrepreneurship, investment, and economic growth.
Canadian fintech startup and credit assessment company, Periculum, has launched in Nigeria to tackle the challenge of domestic credit to the underserved markets.
Focused on improving financial inclusion in emerging markets through automated credit assessment tools that close the consumer credit gap and help financial institutions provide credit facilities to the financially excluded while making smarter decisions, Periculum officially launched its financial service product offerings at a media interaction today.
Speaking at the launch, Michael Temitope Collins, Periculum’s founder and Chief Executive Officer, said “Africa needs domestic credit to stimulate real economic growth. And this is not only bank-to-business credit; it can also be digital lending for short-term credit as well as “buy now, pay later” schemes.
The absence of tech-enabled credit assessment infrastructure has limited the quality and quantity of lending and may be behind the risk premiums borrowers have to pay, and the harassment practiced by predatory lenders in countries like Nigeria. Periculum will change that. We are a top provider of data analytics and credit assessment services targeted explicitly to underserved markets.
“We help our customers to reduce their lengthy loan application processing times and loan default rates and offer loans to the underbanked and unbanked consumers as well as micro, small and medium-scale enterprises. With reliable, tech-enabled, credit assessment services, financial institutions can increase lending to those that need credit.”
The company has also announced the appointment of Damilola Aluede, a Managing Director, to accelerate its business in Nigeria.
Founded in 2019, Periculum helps its banking and lending customers identify fraud risk, assess creditworthiness, and analyze existing data. Periculum offers real-time decision-making, analysis, and credit underwriting solutions to financial institutions including banks, non-banking financial companies, and fintech companies.
By providing information on the financial worthiness of customers and automating the loan decision process, Periculum’s customers can gather and analyze borrower information and assign a credit score faster, with real outcomes on financial inclusion in Nigeria and other markets.
Periculum offers data aggregation APIs and platform solutions that aggregate data from partners including open banking APIs and the credit bureaus, to provide complete financial and data profiles of prospective borrowers and third-party entities. Some of its clients include Fundii, Lendaba, Sycamore, Golden Ox Partners, Vola Africa and Venero.
On its product roadmap and current services, Collins added “We offer services that include Credit model development, SMS data aggregation and analysis, financial data analysis, and other data analytic solutions. We can help our customers with solutions such as fraud detection, insights for lenders based on customer segmentation and customer lifecycle value, insights to retailers and ATM operators, and several other benefits”.
The startup was accepted into Techstars in 2021 and is among the 2021 Techstars Montréal AI cohort, as well as the Founder Institutes’ Select Portfolio.
In October 2021, Periculum raised a $620,000 pre-seed funding round to help it expand its team, improve product development and scale its operations in Nigeria and other markets. The company currently delivers services to customers in Canada and Nigeria and plans to expand to Ghana, Kenya, and Egypt before the end of 2022.
For many countries in Africa, there is still a financial divide. By tackling the credit assessment challenge, Periculum can build the financial infrastructure that helps in addressing the issue of access to financial services and improves development outcomes for millions of people, with better opportunities for businesses, financial institutions, and lenders.
Federal court in Lagos has suspended the enforcement of Nigeria’s most comprehensive framework for regulating digital lending apps.
On April 15, Justice Ambrose Lewis-Allagoa of the Federal High Court in Lagos granted an interim injunction blocking the enforcement of the Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations 2025, better known as the DEON Regulations.
The order followed an urgent ex parte application filed the previous day by the Wireless Application Service Providers Association of Nigeria (WASPA Nigeria), the industry body representing wireless application service providers operating mainly within the telecoms ecosystem.
The suit targets twelve specific provisions of the text, covering licensing, sanctions, compliance obligations and data-handling rules, according to court documentation published by Lawyard.
Until the next hearing on April 27, 2026, the regulator cannot impose sanctions, enforce compliance directives, or issue new instructions to WASPA members.
The judge also barred the Federal Competition and Consumer Protection Commission (FCCPC) from interfering with the ongoing commercial operations of association members.
The case pits two actors whose respective mandates the Nigerian legal framework has never clearly separated.
On one side stands the FCCPC — the federal agency established in 2018 to enforce consumer protection and competition — which gazetted the DEON Regulations on July 21, 2025, under sections 17, 18 and 163 of its founding Act.
In a press statement dated September 3, 2025, Tunji Bello, executive vice chairman, FCCPC, justified the rules by citing “a long history of complaints” involving exploitative practices, data breaches, abusive debt recovery, and harassment.
On the other side, WASPA Nigeria contests the very legitimacy of the FCCPC’s intervention, arguing that services tied to telecoms — airtime credit, data loans, mobile-financing products — fall exclusively under the Nigerian Communications Commission (NCC), the telecoms regulator created by the Nigerian Communications Act of 2003.
In the affidavit deposed by Ayo Stuffman, the association contends that the FCCPC is acting ultra vires and creating a regulatory regime parallel to the NCC’s.
A jurisdictional war that stretches far beyond a procedural dispute
The conflict is not limited to a question of legal boundaries. It strikes at the commercial core of the market: who collects the licensing fees, who sets the operational conditions, who governs the financial products embedded in telecom networks.
Nigeria’s consumer credit stock reached 3.82 trillion naira at the end of December 2024, up 21.27% on September, according to Central Bank of Nigeria (CBN) data relayed by The Cable and AFP.
In the fourth quarter of 2024 alone, personal loans disbursed amounted to approximately 470 billion naira.
A growing share flows through mobile applications and telecom-embedded lending products — including MTN’s MoMo Airtime Lending, operated by the country’s largest telecom operator.
If the court validates WASPA’s position, these products fall outside the FCCPC’s scope and come under the sole authority of the NCC, a regulator historically less active on consumer protection issues.
Available data on demand illustrate the social stakes. Between 2021 and 2023, the FCCPC recorded more than 11,000 consumer complaints for harassment, data abuse and unethical debt recovery practices, according to the agency.
The number of lending applications approved by the FCCPC rose from 269 in September 2024 to 408 in March 2025, while 47 apps were delisted and 88 were placed on the watchlist, according to data compiled by AFP and OneSafe.
The DEON Regulations were meant to introduce interest-rate caps, precontractual disclosure obligations, continuous supervision of recovery practices and fines of up to 100 million naira per violation, according to Legit.ng. The compliance deadline was set for January 5, 2026, and the FCCPC had issued written compliance notices to operators with an April 16 deadline, according to WASPA’s affidavit.
It is precisely this enforcement pressure that triggered the legal challenge.
Federal government has said that Nigeria has no plans to seek a loan from the International Monetary Fund’s proposed $50 billion support package for economies hit by the Middle East crisis.
Wale Edun, minister of Finance, who stated this, said that Nigeria’s current reliance on domestic economic reforms and fund mobilisation was working.
Edun gave these insights during the African Finance Ministers’ briefing, on Thursday, at the ongoing IMF/World Bank annual meetings, in Washington, DC.
He noted that for over two years, Nigeria’s investment in economic reforms have begun to yield results, restoring policy credibility and strengthening the country’s resilience against global economic shocks.
Edun told the global west and the rest of the world that Nigeria now prioritises market-based adjustments, avoiding administrative controls, particularly in foreign exchange and petroleum pricing mechanisms.
His assertion follows the disclosure by the IMF that a possible $50 billion support to cushion vulnerable economies against the crisis in the Middle East, was on the pipeline.
Despite clarifying Nigeria’s lack of interest in borrowing, Edun, urged the IMF to ensure faster financial assistance for African countries who will need help from the $50 billion global support package.
“Nigeria has no plans at the moment to approach the IMF or any other such body,” Edun said, emphasising that Nigeria’s reliance on market mechanisms had led to smoother economic adjustments, reduced disruptions and is sustaining the country’s macroeconomic trajectory.
“The IMF talked about $50 billion and we all know that the funding will largely go to Africa, because those are the most vulnerable countries. And the reality is that what we’re asking for in this instance, is that the funds and the support be released quickly and at scale.
Central Bank of Nigeria (CBN), in collaboration with financial market dealers, has introduced the Nigerian Overnight Financing Rate (NOFR), a standardized benchmark designed to enhance transparency and strengthen monetary policy transmission.
Olayemi Michael Cardoso, CBN gov
Hakama Sidi Ali, spokesperson of the CBN in a statement on Friday, said that the the NOFR is expected to improve price discovery and transparency, while promoting consistent pricing of money market instruments across Nigeria’s financial system.
The regulator noted that the new benchmark positions Africa’s most populous country alongside leading global reference rates such as SOFR in the United States, SONIA in the United Kingdom, €STR in the Eurozone, and TONA in Japan.
“It also complements African benchmarks such as JIBAR (South Africa). Following a stakeholder engagement session held on February 27, 2026, where market participants formally adopted the benchmark, and subsequent regulatory approval, NOFR is now in use, with the CBN serving as the benchmark administrator.
“The bank will ensure governance, transparency, and regular publication of the rate,” CBN stated.
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