ova creditBridging the gap
between lenders
and consumers in Africa.
build Creditworthiness.
Problems africans often face
Lenders in Africa have a hard time assessing the risk of consumers and consequently extending credit.
Most consumers need credit in all forms but know of few options and are traditionally ineligible due to low credit visibility.
The bear fact in Nigeria
92%
Have thin or no file with credit bureaus.
98%
Do not know their credit score.
How do we fix them...?
We are building Lendingtree for Africa. We are helping individuals to build credit visibility by paying bills on your behalf using a virtual line of credit. All you need to do is to link your bank account, we will pay bills on your behalf and then debit your bank account. We then report this payment to the credit bureaus.
Consumers create a profile with us and we collect all the data that are indicative of credit risk. We use AI/ML to score them and generate a credit report on them for lenders.
How it works
Follow these few steps to acquire loans instantly.
1
Users sign up in the application.
2
Verify your account.
3
Users link their bank account to the application.
4
Users select bills they would to be paid on their behalf.
5
Bills selected are reported to credit bureaus on your behalf.
6
Users are given access to loan products recommended based on their current score.
Why Now?
Join the network.
Features worth mentioning
Frequently asked questions
Can't find your answer below? Hit us up with an email.
- OvaCredit is a company that seeks to bridge the gap between lenders and borrowers. We are helping borrowers with little or no credit history to build a credit profile by providing a virtual line of credit for paying bills and reporting this to credit bureaus. We are also a marketplace when consumers can search for loans and credit products. We also recommend the most suitable credit product a person can apply for.
- Users simply sign up and link their bank/mobile money account. They can then select bills they would like to pay with OvaCredit. We will then pay the bill on their behalf and then debit the amount paid to their bank/mobile money account.
- No, you do not need pre-existing credit profile to apply
- You need a bank/mobile money account and government issued ID to verify identity.
- No, we do not charge consumers any fees. We make money through referrals and exchange fees.
- We use secure and robust infrastructure in operating. We also do not retain any of your financial information.
- Yes, simply link your bank/mobile money account and indicate which bills you would like to pay with Ovacredit.
- OvaCredit is reliable, as long as you have sufficient funds in your account, payment will be made on your behalf. In the off chance that we miss a payment, we will cover all penalties and late fees associated with the bill.
- We report you bill payments to credit bureaus. As long as you make timely payments, our reports will positively affect your credit score.
- Ovacredit will notify you of this and request that you transfer sufficient funds to your account to facilitate payment.
- CRC Credit Bureau Limited.
- Yes, late payments to bills will be reported to credit bureaus.
- Ova Credit will give you an array of credit products to choose from. We will also use our proprietary recommendation engine to suggest the best credit products for you.
- We are currently developing a beta and look to launch in August.
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