Evaluating only Mines.io’s profile at its peak — without knowing the outcome — the model ranked Regulation as the #1 likely cause. That’s exactly how it died.
Key Events Timeline
FOUNDING
Mines.io founded in Lagos to use mobile data for credit scoring the unbanked.
FUNDING
Raised $900K seed round from American and Nigerian angel investors.
REGULATORY ACTION
CBN tightened digital lending rules, blocking key bank partnership deals.
SHUTDOWN
Operations ceased, 25-person team laid off after loan default rates made the model unviable.
Full Analysis
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Documented cause
Mines.io, a Lagos-based credit scoring startup founded by Ekechi Nwokah, raised $900K in seed funding but collapsed in 2019 after its core business model—using alternative data from mobile phones to underwrite loans—failed to achieve repayment rates above 60%. Nigerian banks refused partnership agreements citing regulatory uncertainty under CBN guidelines. The team of 25 was let go by Q3 2019.
Lesson
“Credit scoring in emerging markets requires repayment infrastructure, not just data innovation.”