Decentralized Data Aggregator for Nigeria

Why Choose CARMACHAIN?

1. Own Your Data

   We believe your data belongs to you. With CARMACHAIN, you retain ownership, control access, and decide who can use your information.

2. Secure and Transparent

   Our platform uses blockchain technology to support data integrity, security, and transparency. Security measures include:

   • OAuth 2.0 Authentication
   • RSA Encryption
   • ISO 27001 Compliance

3. Monetize Your Information

   Data you contribute can become an asset: contributors can be rewarded when their data is accessed. Terms and amounts depend on the arrangement, and nothing is guaranteed.

Why alternative data matters in Nigeria

Many people have no formal credit file, so a lender has little to go on. EFInA’s 2020 Access to Financial Services survey put about 38 million Nigerian adults (roughly 36%) as completely financially excluded. Newer survey rounds exist, so check EFInA for the latest figure.

Alternative data, such as utility and bill records, gives lenders another way to look at a thin-file applicant. We cover this in Why use alternative credit data? and Nigeria’s number 1 problem: financial inclusion?

The rules around sharing are also changing. The Central Bank of Nigeria issued its open banking guidelines in March 2023, and the Nigeria Data Protection Act 2023 sets consent standards for processing personal data. We also wrote about joining Open Banking Nigeria.

Meet Our Team

CARMACHAIN is powered by a team of experts with decades of experience in finance, technology, and data intelligence:

• TM
  

  Ted Martynov

  CEO

  Consumer lending visionary: a decade in consumer lending for banked and underbanked.

• 
  

  Femi Oluyide

  Business Development

  Credit reporting expert: a decade in credit reporting in Nigeria.

• LM
  

  Lina Milyutina

  Technology

  Data intelligence innovator: data intelligence for banks and retail.

Our advisory board includes leaders in compliance, industry outreach, and advanced data strategies.

Executive team and advisory board

FAQ

What is CARMACHAIN?

It is a decentralized data aggregator for Nigeria. It collects credit and alternative data, such as electronic utility bills, so businesses can run checks like KYC, address verification and credit assessment. Individuals keep control over who accesses their information.

Who can contribute data?

Individuals and businesses that hold data they are entitled to share. The contribute data page explains how it works. If your situation is unclear, ask through the contact page.

How is consent handled?

The principle is that data owners decide who can use their information. Nigerian law expects consent to be freely given, specific, informed and clear. The details of what we collect and how we use it are in the privacy policy.

How do I integrate?

Developers should start with the API developer guide. It is the reference for access and endpoints. For business questions before you build, see consume data.

Nothing here is financial or legal advice, and results depend on the data available and the parties involved.