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We Are Building The Future Of Finance In Africa — Frédéric LE, Founder/CEO, Hadada Financial.

In an interview with Frédéric L E, the Founder/CEO of Hadada Financial, he talks about his dream to build a fintech company in Africa helping solve some of the continent’s challenges in the financial payments space. Enjoy.

Frédéric LE, Founder/CEO, Hadada Financial

Okay, so thank you very much for doing this. So firstly, I would like to know about you and what inspired your entrepreneurial journey?

Thank you for this question. The project actually started with a friend of mine back in 2020. At that time, I was working in the financial industry at Societe Generale. We had a project going on where we were going to have to take credit decisions. But at that time, we noticed how difficult it was only to access financial data in real time, and to enable real time credit decision. The first question that came to my mind was ‘oh, is this only in Cameroun or is this a trend across the whole of Africa?’

We started to look around in Nigeria and in other African countries. And what we noticed was that it was super hard to access financial data across different countries in Africa, not only in Cameroun. That was what inspired me to make the switch into private business to tap into a space where we could make a meaningful impact; because of the size of the population, and the demand as well. And that is how Hadada started.

What exactly does Hadada do?

First, there are so many different institutions trying to offer loans to both consumers and small businesses right now. I think this shows the boom in the entrepreneurial space in Nigeria. Small businesses, especially, represent the economic force of the country. These businesses are always in need of funds to operate. In most cases, they need to borrow funds to kick-start their operations, but this has always been an uphill task, as traditional lenders see it as a risk to give out funds. This is because, it is difficult to verify credit rating in this part of the world. This is the problem Hadada has come to solve.

Our solution transcends even beyond just helping digital lenders. We help businesses aggregate the financial data of their customers. By doing this, businesses can make better decisions. From Digital Lenders to companies who provide Buy Now, Pay Later services, Hadada is here to help.

Thank you. As it stands, Hadada isn’t actually the only company providing these services in the Nigerian market. What makes Hadada different and stand out?

The Nigerian ecosystem is a beautiful one. There is so much space to thrive. The market here is large, and we believe that if we play our cards right and build our expertise, we would own a large share of the market. For us at Hadada, what makes us special is simple. Our solution goes beyond just giving only financial data. With Hadada, you get alternative data, which helps you make better decisions. We aggregate data from several touch points, all in a bid to determine the risk involved in doing business with that particular customer of yours, basically try to determine your customer’s willingness and capacity to pay. We then bring all these data onto a single platform; hence any company can easily make decisions faster and more accurately.

Thank you very much for your response. Let’s take a bit more personnel. Let’s get to know Fred, the human. Let’s get to know you on a bit more casual level?

For me, I believe it is important to have a very balanced life. So, as much as I try to accomplish a lot in my professional life, I also make it a priority to have a robust personal life. This means that to me, family is very important. I currently live and work in London, but my family is in France. I therefore ensure to travel home to see my family as much as possible. I believe that having a balanced life helps one be more productive and efficient.

Amazing. Finally, this is a question about the future of Hadada. Where do you see Hadada in the next five years?

Yes, Hadada has a huge future. Right now, we are a single touch point for lenders, but we are going beyond that. Beyond lending, there are a lot of use cases that would benefit from having real time financial data and information to make credit decisions. We have a long-term goal to become the biggest single platform for more financial and alternative data. This way, companies can better understand the financial behaviors of their customers before making credit decisions. We also plan to go beyond the Nigerian market and make inroads into the African continent. In all, we have big dreams, but even better, we have an excellent team to bring this to fruition.

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