In a bid to provide safer and more affordable credit for Nigeria’s small business owners, Andray Finance has launched an AI-driven lending platform specifically targeting micro-entrepreneurs and informal workers.
Digital lending in Nigeria has expanded access to credit, but it has also become notorious for predatory practices. Many borrowers face exorbitant interest rates and public shaming for late repayment, creating cycles of debt and financial insecurity. Andray Finance aims to change that narrative by offering loans that respect borrowers’ dignity while remaining profitable.
At the heart of Andray Finance’s operation is a Software as a Service (SaaS) platform that uses artificial intelligence to assess credit risk based on alternative data points such as transaction patterns and behavioural trends. This allows the platform to evaluate individuals who are traditionally excluded from the formal banking system, including roadside mechanics, market traders, and small-scale artisans.
Wealth Jumbo, operational manager, Andray Finance, told BusinessDay that the company realised that the risk associated with the unbanked isn’t that they can’t pay, but that traditional banks can’t understand them.
“Our SaaS model allows us to build a dynamic financial identity for a roadside mechanic or a market trader based on their transaction flows and behavioural patterns. This allows us to offer fair, personalised loans without resorting to the predatory pricing models that trap people in cycles of debt,” Jumbo explained.
The platform also includes a “Financial Dignity” protocol, ensuring borrowers’ data and repayment history remain private. By automating the credit lifecycle, Andray Finance reduces operational costs and passes those savings on to borrowers, making credit more accessible to those who need it most.
Beyond lending, the platform helps micro-entrepreneurs build verifiable financial histories, gradually integrating them into Nigeria’s formal financial ecosystem. Over time, borrowers can access larger loans and other financial products, providing a pathway to long-term economic empowerment.
Our goal is to prove that you can lend to the underserved ethically and profitably. With Andray Finance, we are telling every Nigerian that their financial potential is respected,” Jumbo emphasised.
