For Nigerians moving to the United Kingdom (UK), building a new life can come with an unexpected financial reset as years of income, employment and credit experience accumulated in another country may count for little when they seek access to credit in the UK.
Maxim, a credit platform focused on Africans, is betting on this gap as it expands into the UK with a new credit card programme aimed initially at the Nigerian and African diaspora.
The London-headquartered fintech has partnered with Paymentology, a global issuer processor, to power the card programme, which is designed to help Africans establish a UK financial history while earning rewards linked to their spending and lifestyles.
The move targets a wider problem in the UK financial system.
Read also: Abia seeks partnership with Canada in energy, aviation, agriculture
For instance, Experian estimates that more than five million people in the country are “credit invisible”, with little or no credit history available to mainstream financial service providers.
For migrants, the problem can be particularly acute. A person may arrive in the UK with an established career, income and financial history but have limited records within the UK credit system, making access to conventional financial products more difficult.
“Moving to a new country should not mean leaving your financial identity behind,” Ibrahim Oladele, CEO of Maxim, said.
“Too many talented and ambitious people arrive in the UK with years of experience and financial history, only to find that none of it…
Source link
Read Full Article by Ngozi Ekugo at businessday.ng
Source link
