DIGITIZING AFRICAN ECONOMIES IN A NEW ERA

Wemimo Abbey Co-Founder, Esusu

WEMIMO ABBEY, CO-FOUNDER OF ESUSU, A company which reports rent payments to major credit bureaus helping renters establish their credit scores and owners maximize returns, says the company was born out of personal struggles.

Abbey grew up in the slums of Lagos, Nigeria, and was raised by his mother, along with two sisters, after his father passed away when he was just two years old. Despite having less than a secondary school education, his mother ensured he went to one of the best high schools they could find. This took the family from the lush tropical climate of Lagos to the freezing climes of Minnesota in the US.

“During that transition, something important happened. We didn't have a credit score. We walked into one of the largest financial institutions to borrow money [and] were turned away. We had to borrow money from a predatory lender at over 400% interest rate.”

His mother pawned his father’s ring and borrowed money from church members to make payments. This led Abbey and his co-founder, Samir Goel, to start a company premised on the idea that no matter where you come from or the color of your skin, your financial identity shouldn’t ring fence your path in life.

Aside from establishing credit scores, Esusu gives zero-interest rent relief paid directly to landlords when clients cannot pay, to prevent evictions.

Abbey says they’re not solving homelessness backwards, adding that they operate on the social aspect of ESG – to give data-driven improved credit scores.