Winston Osuchukwu has called for a new credit scoring system to boost financial inclusion.
NewsOnline Nigeria reports that a financial technology expert has called for a new approach to credit risk assessment in Nigeria, arguing that individuals should be evaluated based on their complete financial behaviour across multiple institutions rather than on limited data held by a single lender.
Winston Osuchukwu, Founder and Chief Executive Officer of Mathesis Analytics, said the concept, known as “Personal Equity,” could help bridge information gaps in the country’s credit market and improve access to affordable financing for millions of Nigerians.
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According to Osuchukwu, Nigeria’s current credit assessment system often relies on data collected by individual financial institutions, leaving many borrowers unable to demonstrate their full creditworthiness when seeking loans from new lenders.
He explained that under the Personal Equity model, an individual’s financial behaviour—including loan repayments, savings history, buy-now-pay-later obligations, and other financial activities—is aggregated into a single, portable measure of creditworthiness.
“Many Nigerians have built strong financial records through responsible borrowing, savings, and repayments, but much of that information remains fragmented across institutions,” he said. “As a result, borrowers are frequently priced as high-risk customers simply because their financial history is not fully visible to prospective lenders.”
Osuchukwu noted that although the Credit Reporting Act 2017 and the Central Bank of Nigeria’s credit bureau framework were established to improve information sharing, challenges remain due to inconsistent reporting and limited sharing of positive behavioural data.
According to him, while negative credit information is often reported, positive repayment records and other indicators of responsible financial behaviour are not always captured comprehensively, leaving many borrowers disadvantaged.
He also pointed to the provisions of the Nigeria Data Protection Act (NDPA) 2023, which recognise individuals’ rights over their personal data, including financial information.
Osuchukwu argued that financial behavioural data generated by customers should be treated as a valuable asset that can help them access better financial opportunities.
To support this vision, he said Mathesis Analytics has developed a technology platform that integrates with financial institutions to provide continuous updates on customer financial profiles.
The platform aggregates behavioural data from multiple financial relationships and incorporates alternative data sources such as telecommunications usage, utility payments, and other indicators that may help assess financial responsibility, particularly among underbanked populations.
According to the company, the platform has scored more than 40 million individuals and facilitated over $272 million in credit disbursements across Nigeria.
Osuchukwu further stated that improved access to comprehensive credit data could enhance efficiency in Nigeria’s lending market by reducing information asymmetry, lowering borrowing costs, and expanding access to finance for creditworthy individuals.
He said many lenders currently either reject applicants or apply conservative pricing because they lack sufficient information to accurately assess risk.
The financial technology entrepreneur added that the Personal Equity framework aligns with the Central Bank of Nigeria’s financial inclusion objectives by helping lenders gain a more complete picture of potential borrowers.
He maintained that expanding access to data-driven credit assessments could support broader economic participation and enable more Nigerians to benefit from formal financial services.
“Personal Equity is built on the principle that an individual’s financial behaviour is measurable, portable, and valuable. The data and technology already exist. The next step is creating the ecosystem that allows that value to work in the interest of consumers and the broader economy,” he said.
Industry stakeholders believe that greater collaboration among financial institutions, regulators, fintech firms, and credit bureaus could help unlock new opportunities for responsible lending and deepen financial inclusion across the country.
