Lagos-based fintech Mathesis has secured an investment from First Ally Capital to scale its artificial intelligence-driven credit platform aimed at Nigerians who lack traditional credit scores. The company announced the deal this week, stating the capital will be used to expand its operations and improve lending access for individuals and small businesses. The specific amount of the investment was not disclosed.

Mathesis, founded in 2022, has developed a platform that uses alternative data and machine learning to assess the creditworthiness of customers who are typically excluded from formal banking services. The company says its technology analyzes thousands of data points, including mobile phone usage patterns and transaction histories from informal financial networks, to generate a proprietary credit score. This approach is designed to serve Nigeria's large population of financially active but formally unscored adults, a segment central to the country's financial inclusion agenda.

The investment from First Ally Capital, a growth-stage investment firm, represents a vote of confidence in the potential of AI to address Nigeria's persistent credit gap. The Central Bank of Nigeria has long identified access to credit as a critical constraint on economic growth and entrepreneurship. Traditional banks rely heavily on collateral and conventional bureau scores, which many Nigerians cannot provide, leaving a significant portion of the economy reliant on informal lenders who charge high interest rates.

"This partnership with First Ally Capital is a significant step in our mission to democratize access to credit," said a spokesperson for Mathesis. The company plans to use the funds to enhance its technology infrastructure, grow its data partnerships, and expand its customer base. The Nigerian credit landscape has seen increased activity from fintechs leveraging technology, though scaling such models profitably while managing risk remains a key industry challenge.

The deal occurs against a backdrop of continued fintech expansion across Africa, though the focus and markets vary. In a separate development this week, Nigerian payments giant Moniepoint confirmed its expansion into East Africa by acquiring a 78% stake in Kenya's Sumac Microfinance Bank. Meanwhile, in Southern Africa, Zambian-South African fintech Zazu recently secured a seed investment from Launch Africa Ventures to develop its digital banking platform for young consumers. These parallel moves highlight the continent's diverse fintech maturation, from deep-tech credit solutions to retail banking and payments expansion.

For Mathesis, the immediate path involves proving that its AI models can accurately predict repayment behavior at scale, a hurdle that has tripped up previous alternative credit initiatives in various markets. Success could provide a blueprint for other lenders and potentially influence regulatory approaches to credit scoring in Nigeria and beyond. The company's progress will be closely watched by investors and policymakers alike as they seek sustainable models to bridge the continent's financing divide.