Business and Economy

CARMACHAIN records over 80 million consumer profiles on its database

This milestone is a major move for CARMACHAIN as it takes another step forward in realising its mission of decentralising data that empowers 1.7 billion people across underserved and unbanked countries. 

Ted Martynov, CEO & Founder of CARMACHAIN says credit organizations starve for data in Nigeria and getting data of the underbanked is even more challenging. ”The footprint of the underbanked aggregated by a wide range of companies is received based on the consent provided by the borrower as a part of a loan application. CARMACHAIN governs the fulfilling of legal responsibilities for personal data transfer.”

”Our recent milestone emphasises the importance of how inclusive data can drive social impact and with our technology protocol providing data on a peer-to-peer basis we ensure that data exchanges are encrypted, safe and secure,” he adds.

This news comes in the wake of many recent initiatives and accomplishments of the company. This includes strategic partnerships with 20+ partners including digital lenders, mobile wallets, payment processors, cooperative/microfinance platforms, utility providers and telcos. The startup also has 170,000 data checks performed monthly by CARMACHAIN customers. 

Femi Oluyide, CCO & Co-Founder said ”As we continue to scale, the launch of our address verification solution enables financial institutions to validate their customer addresses in real-time. It turns out that address verification is one of the major challenges faced by financial institutions in Nigeria today. CARMACHAIN has automated this process thereby enabling lenders to track utility payments as well as validate the physical address to which it is registered.”

With over 80 million consumer profiles available through the platform, CARMACHAIN says it is on track toward building Nigeria’s largest decentralized platform for inclusive data. The strategic intent set out by the company well-positioned Carmachain to help lenders to accurately profile underserved borrowers by aggregating their digital footprints from multiple alternative sources in real-time, along with a view to expand across key markets in Africa in the next 12 months. 

In full compliance with data privacy laws, CARMACHAIN has successfully completed the NDPR audit while ensuring that queries on the platform are made on a need-to-know basis and backed by the explicit consent of data subjects.

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