Nomba and Globus Bank Achieve Low Loan Default Rate

Nomba, a Nigerian fintech platform, and Globus Bank have reported a low loan default rate, achieving a non-performing loan (NPL) ratio of less than 1% on a credit portfolio totaling ₦21.3 billion. This achievement highlights the effectiveness of Nomba's data-driven credit model, which differs from traditional lenders by relying on real-time transaction data instead of financial statements and physical collateral.

The portfolio covers various sectors, including wholesale and retail (39%), professional services (28%), food and hospitality (11%), oil and gas (11%), and fast-moving consumer goods (8%). Elia Igbinakenzua, Chief Executive Officer of Globus Bank, emphasized the bank's mission to support Nigerian business growth through partnerships that prioritize quality over size in credit decisions.

Yinka Adewal, CEO of Nomba, noted that the low NPL ratio is a result of a robust underwriting infrastructure that utilizes actual data, ensuring that borrowers have genuine stakes in their loans. Nomba plans to scale its model further, targeting a ₦500 billion credit book.