AFRICA – Financial infrastructure startup Credrails has partnered with Access bank to develop open finance rails that will dramatically improve the experience of banking customers across the continent.
Founded in 2020, Credrails delivers the infrastructure that connects bank, mobile money, and offline data into a single API to power the next generation of fintech solutions.
The start-up’s API gives developers the ability to build revolutionary products with open and robust access to rich data sources.
In addition, its solutions promote interoperability across services, leading to faster and more affordable movement of money around Africa and beyond.
Through the partnership, Credrails enables secure open banking connections to Access Bank, forestalling the need for unauthorized links that could be risky for end-users.
The partnership equips developers with the data and support they require to launch innovative finance solutions for customers to enjoy.
Over the years, Access Bank has positioned itself as a leader in the financial technology space by leveraging technology to reform business operations and drive performance.
To further harness the unending opportunities in the African fintech ecosystem, Africa Fintech Foundry (AFF), an initiative of Access Bank, was set up in 2017.
AFF aims to nurture and accelerate the growth of fintech start-ups in Africa. Thus fast-tracking their growth and maturity to deliver relevant solutions to the market, providing greater access to financial services to the financially excluded across the continent.
“We have carefully identified and selected Credrails as our open banking partner, having raised a seed round, as the appropriate company to partner with on our journey to foster the future of finance in Africa,” said Daniel Babatola Awe, head of Africa Fintech Foundry.
“This partnership will develop game-changing, technology-driven, financial solutions that will drive prosperity and encourage inclusivity. We believe that this will provide endless business opportunities to achieve the foretasted goal.”
The partnership follows Credrails completion of a US$2.5 million seed round in January 2022 deployed for new product suites and scaling to new countries.
“Credrails is very pleased to have this partnership with a leading African bank. The partnership is evidence of our commitment to provide Africa with the infrastructure needed to solve fintech,” said Clara Wanjiku Odero, Credrails CEO and Co-founder.
Since it launched in 2020, Credrails now has access to 250 million accounts in 33 countries and is working towards connecting all of Africa, empowering fintech developers with incredible capabilities through a single API.
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