Traditional credit scoring was never designed for Nigeria, where over 80 million adults are excluded from formal financial services.
Nigeria's underbanked population has built its own financial ecosystem processing billions of naira annually, showcasing sophisticated financial management skills.
Betting companies in Nigeria have been successful in building payment systems that work for ordinary Nigerians by meeting them where they are and designing transaction methods that suit their behavioral patterns.
Innovations such as fintech companies using mobile money transaction patterns for credit scoring and platforms digitizing traditional savings groups are emerging to cater to Nigeria's unique financial landscape.