DATAPRO, a leading Nigerian credit rating agency (CRA), has introduced the Tigran-for-DataPro solution into the country’s economic and business space to ease access to credit facilities.
Launching the solution on Monday, the managing director of DataPro, Abimbola Adeseyoju, said the introduction of the Tigran-for-DataPro solution was another practical vent to the
company’s deep understanding of the power of new technologies in easing and ensuring efficiency in often difficult and time-consuming data processing procedures.
DataPro, a 27-year-old CRA licensed by the Security and Exchange Commission (SEC) providing compliance solutions, business information reports, third party verification services and credit rating services globally, is providing the Tigran-for-DataPro solution in partnership with modefinance, through modefinance international, the first fintech rating agency in Europe with headquarters in Italy and presence in Africa and Asia.
Adeseyoju explained that the partnership with modefinance had been achieved due to the latter’s global business expansion strategy.
“The Rating-as-a-Service (RaaS) product, Tigran-for-DataPro solution, is based on artificial intelligence technology, advanced analytics, and big data representing an adaptive and flexible independent credit risk management tool for the Nigerian market,” he explained.
The RaaS is defined as a system of rating that incorporates major institutional guidelines on credit risk management and consumer protection. It is believed to be a powerful and reliable risk rating
platform that enables users to decide the credit risk of counterparties and automate internal procedures.
The credit rating process comes with the challenge of poring through loads of information, data and statistics to arrive at informed and reliable results, with new technologies like artificial intelligence, machine learning, blockchain and data analytics being deployed to fasten the process and enable more efficiency.
DataPro said it was keying into these new technologies and partnering with modefinance in recognition of the vital use of “an out-of-the-box approach” to revolutionise and modernize the credit risk analysis and management profession in Nigeria.
“This product is one of necessity for our economy in order to overcome some of the challenges associated with access to credit facilities.
One vital ingredient for faster and greater economic prosperity for everyone is access to credit facilities.
“The more Nigerians can have fair and equitable access to credit facilities based on scientific methodologies instead of on the whims and caprices of others, the better for all of us. Tigran-for-DataPro introduces a better trust system that both the giver and the taker can rely on,” Adeseyoju said.
DataPro claimed the new solution is different from the traditional methods of risk evaluation as it enables end-users to make faster risk decisions by infusing digitization and automation into their credit
risk underwriting processes.
“End-users will also be able to make
customizable models that can be reviewed and tested in real time,” the agency said.
Those expected to benefit from the solution include money and capital
market operators, fintechs, multinationals, manufacturing companies, and conglomerates for use in digitalising and automating their credit risk underwriting process.
For conglomerates and multinationals that tend to have significant amounts of their assets tied in receivables, the Tigran-for-DataPro application is flaunted as having the capacity to assist them in
exposures.
The application, it was also said, would assist fund managers to manage their portfolios to generate the best returns on investments(RoI), while it would help banks in accurately analysing debtors or potential investors with a view to achieving an effective credit risk management ecosystem.
DataPro Limited’s Chief Rating Officer, Oladele Adeoye, stressing that credit decision-making needed to be effective and efficient, said, “This has become necessary, today, as customers are looking forward to speedy, convenient and cost-effective services from providers.
“A technology that can assist financial institutions and corporate bodies whose businesses run on credit to make informed decisions has, therefore, become essential.”
Adeoye, who doubles as DataPro’s Executive Director (Operations), believed that the partnership between the company and modefinance would gain from African and European experiences in developing the credit decision-making process in Nigeria.
The Chief Executive Officer of modefinance, Mattia Ciprian, was quoted as saying that the company was committed to supporting organisations all over the world, with greater focus on Africa. “We are really happy to have closed this partnership with DataPro, which, like us, is a rating agency with a strong technological heart,” she reportedly said.The Chief Executive Officer of modefinance international, Christian Giacomini, contributing to the launch event virtually, also expressed the company’s resolve to transferring its know-how to and generating added value for the Nigerian economy, and creating a domestic legacy in the credit risk management industry.
“Our technological innovations in big data, artificial intelligence, data analytics, and machine learning are all paving the way for MSMEs to have access to better financial services,” Giacomini said.
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