TheCable

DataPro, a technology-driven credit rating agency (CRA), has launched an artificial intelligence (AI) tool called ‘Tigran’ to boost access to credit in Nigeria.

The product was launched in Lagos on Thursday in partnership with Modefinance International, a subsidiary of Modefinance Group.

Speaking at the launching, Abimbola Adeseyoju, managing director, DataPro, said ‘Tigran’ will deliver debt capacity simulation, probability of default modelling, and expected credit loss modelling.

“It’s a game-changer,” Adeseyoju said. 

“It will revolutionise rating in Africa. It brings transparency and trust to automation. These have been the encumbrances.”

According to him, data and statistics analysts deal with huge volumes of information daily to arrive at informed inferences in rating a company.

He said new technologies such as artificial intelligence (AI), machine learning, blockchain, and data analytics would fasten the processes and make them more efficient.

Adeseyoju added that the application is ideal for the financial sector, fintechs, manufacturing companies, and others seeking to digitalise and automate their credit risk evaluation processes.

“This product is one of necessity for our economy to overcome some of the challenges associated with access to credit facilities,” he said.

Cristian Giacomini, CEO of Modefinance International, said huge prospects for Nigeria’s economy make it a good fit for the product to be launched in the country.

He said the cross-continental partnership would encourage financial institutions and investors to further develop credit risk analysis, increase financing, and contribute to the sustainable growth of the national economy.

“We are fully committed to transferring our know-how, generating added value for the Nigerian economy, and creating a domestic legacy in the credit risk management industry,” he said.

Also speaking on safety protocols against cyberattacks, Giacomini said Tigran is a cloud-based tool with advanced data protection and security systems.

On her part, Mattia Ciprian, CEO of Modefinance, said the credit market needs more fast evaluations with high accuracy.

Oladele Adeoye, chief rating officer, DataPro, stressed the significance of innovation in credit rating.

He said credit decision-making needs to be effective and efficient while calling for the adoption of technology in rating activities.

“This has become necessary today, as customers are looking forward to speedy, convenient, and cost-effective services from providers,” he said.

“A technology that can assist financial institutions and corporate bodies whose businesses run on credit to make informed decisions, therefore, becomes essential.”