By Prince Osuagwu

A transformative shift in financial technology is sweeping across Nigeria, all thanks to a visionary data scientist who developed a cutting-edge mobile lending risk model that has already served over 1 million Nigerians.

This ground-breaking innovation, created by Mary Emedom, has fundamentally redefined how financial institutions assess creditworthiness, offering unprecedented access to loans for individuals with no formal credit histories.

Mary’s model leverages alternative data sources, such as mobile usage patterns and transaction histories, to assess creditworthiness in real-time. This data-driven approach allows financial institutions to offer loans in a way that was previously unimaginable for the unbanked and underbanked population.

Today, major financial services and mobile banking platforms across Nigeria and Africa are using her model to evaluate millions of loan applications daily, with some platforms reporting a 50% increase in loan approval rates.

Although her work has transformed the financial landscape, few realize that this innovation is quietly powering the financial decisions that millions of Nigerians and Africans rely on. By utilizing alternative data, Mary’s model is enabling users to access vital loans for education, entrepreneurship, and healthcare, impacting lives in ways that ripple through communities across the continent.

This technology has not only caught the attention of Nigerian fintech startups but has also been adopted by major international financial institutions operating in Africa, further highlighting its broad impact. Global firms have reportedly incorporated her credit-scoring model into their operations, boosting the accessibility of loans and fostering economic growth in underdeveloped regions. These international platforms now report an increase in loan uptake by 30%, thanks to the accuracy and inclusivity of the model.

The real-world impact of Mary’s innovation is reflected in national financial trends. As reported by the Nigeria Inter-Bank Settlement System (NIBSS), the value of mobile financial transactions has surged dramatically, with N12.8 trillion transferred via mobile devices between January and September 2022. This surge, an increase of 153%, highlights the rapid adoption of mobile banking, a trend attributed to Mary Emedom’s mobile lending model.

What started as a model to solve Nigeria’s credit gap has blossomed into a technology with far-reaching implications across the African continent. The success of the mobile lending app powered by Mary Emedom’s model has sparked adoption in neighboring countries such as Kenya, Ghana, and South Africa, where users can now access loans based on the same alternative data metrics. Over 5 million people across Africa have benefited from this innovative model, improving financial inclusion and providing a foundation for small businesses to thrive.

The ripple effects of this innovation extend beyond Africa’s borders, as international investors are now looking to Mary Emedom’s model as a global solution to financial inclusion challenges. As fintech giants in the United States and Europe look toward emerging markets in Africa, they are turning to her groundbreaking model to drive financial services in untapped regions. While Mary’s name may not always be visible in the day-to-day experiences of millions, her impact is undeniable. From providing access to financial services for individuals who would otherwise be excluded to improving healthcare outcomes across the continent, her innovations are quietly but profoundly changing the lives of everyday people. This is the true power of data science: not just the ability to analyze numbers, but to create systems that improve lives on a global scale.