Founded in 2020 by Flosbach alongside Chukwudi Enyi (COO) and Moses Nmor (CPO), the company hopes to provide ethical solutions backed by technology to improve the repayment rate with digital lenders.

“We saw that there was like a little bit of a breach in the value proposition of lenders — they are good at giving out loans, but the aftersales services of the credit market didn’t work as collections processes were inefficient and not user friendly,” said Flosbach.

Bfree helps its customers by keeping debt collection standards at the forefront as they work with various defaulters for settlement options. The Nigerian startup works with 30 credited institutions, including digital lenders, microfinance institutions, and banks, TechCrunch reports.

To ensure the optimal collection method is carried out, Bfree forwards customer insights to lenders, and an algorithm helps analyze customer behavior. After further analysis, Bfree can recommend a self-service platform to the customers contingent upon their risk profile.

Bfree also allows its customers to manage various loan repayments with multiple lenders without the hassle of providing various documentation, messaging, and phone calls. What’s more, it’s fast and easy — customers can fulfill a repayment in just about five minutes, according to the company’s website.

Chukwudi Enyi

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