QuickCheck, an online banking and micro-lending platform that provides collateral-free loans, has launched a new app to improve financial inclusion among Nigerians, while also educating borrowers about financial instruments and managing risky debts.

About 60 percent of the country’s adult population remains financially excluded, lacks credit history and cannot access financial services such as quick and easy loans. In a research conducted by the Enhancing Financial Innovation and Access (EFInA), while only 4 percent of the adult population has access to credit through formal financial institutions, a larger number have their loan requests rejected due to bank policies and requirements.

According to Luis Rodrigues, CTO, QuickCheck, this was addressed in 2017 as the company developed a solution to give Nigerians access to such loans anywhere and anytime, with no collateral necessary. The startup already helps individuals with access to loans up to 200,000 naira in minutes, thereby supporting entrepreneurs start and sustain micro-businesses.

“With the new app, we want Nigerians to access loans quickly and conveniently. So if you live in Nigeria, own an Android phone, and you need quick cash to settle emergencies, go on Google Play Store, search for “quickcheck” and spot our bright orange icon to download the QuickCheck loan app for free, sign up to create an account and apply for a loan instantly without collateral. QuickCheck will simply run a credit scoring, and if you’re eligible, the cash loan will be disbursed to your account within minutes. All the necessary information to access loans is also available on our website www.quickcheck.ng,” he said.

Having built its own credit scoring algorithm based on artificial intelligence applied to non-traditional data, the internal data science team actively works on the improvement of the assessment technology to make the procedure of getting a loan even faster, more streamlined, and tailored to the needs of different groups.

“Currently, we are experiencing exponential organic growth and are closing a couple of strategic partnerships to get even closer to our customers, by integrating our technology and credit offering where they need it, within those channels they are already accustomed to. We strongly believe in the product innovation, and therefore, we invest a lot in the exploration of complementary products”, Fabiano di Tomaso, CEO of QuickCheck.

With its tech solution, QuickCheck not only bridges the financial inclusion gap, but improves customer interaction with the new app and a revamped brand identity. Every day, hundreds of people from Nigeria can benefit from the speed and hassle-free access to credit — no papers, no queues, no collateral, no guarantors, just a smartphone and QuickCheck app available on Google Play Store.

In just two years, QuickCheck, processes nearly 2,500 transactions daily, and has already disbursed around 2 billion naira in microloans ranging between 5,000 and 200,000 naira.

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