Nigeria’s fintech sector is witnessing growing traction in alternative credit scoring models as Nomba, in partnership with Globus Bank, reports the deployment of ₦21.3 billion in business credit across key sectors of the economy, with a non-performing loan (NPL) ratio of less than one per cent.
The lending programme, built around an on-platform credit framework, spans some of the country’s most active commercial segments, including wholesale and retail trade (39%), professional services (28%), food and hospitality (11%), oil and gas (11%), and fast-moving consumer goods (8%).
Data-led lending model drives low default rates
According to the companies, the strong portfolio performance reflects a shift away from conventional lending practices that rely heavily on audited financial statements, physical collateral, or historical credit records.
Instead, Nomba evaluates borrowers using real-time transaction data generated through its digital payment ecosystem, allowing credit decisions to be based on actual business activity rather than backward-looking documentation.
This approach enables loan sizing to be more closely aligned with a business’s live cash flow performance, reducing the mismatch often associated with traditional credit assessments.
Digitised collateral system underpins repayments
A central feature of the model is its digitised collateral framework, which links loan repayment structures to borrowers’ continued use of Nomba’s payment and settlement infrastructure.
By embedding lending within its ecosystem—covering payments processing, settlement flows, and business management tools—the platform effectively secures credit without requiring conventional physical assets such as property or equipment.
Bank partnership highlights infrastructure-led financing
The Chief Executive Officer of Globus Bank, Elias Igbinakenzua, said the collaboration demonstrates how infrastructure-based lending can improve credit quality in Nigeria’s financial system.
He noted that the distinguishing factor of the facility is not its size but the quality of credit decisions, describing it as capital deployed against verified transaction data rather than static documentation.
According to him, the portfolio’s sub-one per cent NPL performance underscores the potential of disciplined, data-driven lending models to improve repayment outcomes in the Nigerian banking environment.
Expansion plans targeting N500bn credit book
Building on the current performance, Nomba said it is working to scale the model significantly, with a long-term target of a ₦500 billion credit portfolio.
The company plans to achieve this through additional partnerships with commercial banks and development finance institutions, with future lending expected to prioritise sectors such as logistics, healthcare, and manufacturing.
Reframing the credit conversation
The Chief Executive Officer of Nomba, Yinka Adewale, said the focus of credit evaluation should shift from deployment volumes to repayment quality and underlying risk discipline.
He attributed the portfolio’s strong performance to structured underwriting systems, real-time data visibility, and borrower accountability embedded within the platform.
He added that the company’s ₦500 billion ambition is anchored on proven infrastructure rather than projections, stressing that sustainable credit expansion must be built on measurable repayment performance and system integrity rather than announcements.