💪🏾 We partnered with Herconomy to give women a better future

Hello there! 👋

Happy new month and welcome to November! 🌞

November is here, reminding us that while the year may be winding down, the opportunities are not. As the days grow shorter, the chance to expand your lending business is still within reach. Whether you’re considering introducing new loan products, fine-tuning your existing ones, or embracing new features, each step can bring you closer to your goals. 

Here’s what we have in store for you this month:

What’s New

💪🏾 We partnered with Herconomy to give women a better future

For years, women who save diligently and repay informal loans on time have been locked out of formal credit systems simply because they didn’t have property to use as collateral. Meanwhile, people with assets but poor repayment behavior kept getting approved. The old credit system rewarded ownership instead of financial responsibility.

Herconomy wanted to change that story. They set out to offer women fair access to credit by focusing on how they actually behave with money. Our platform made that possible.

With Lendsqr, Herconomy can now assess borrowers using behavioral and financial data such as how consistently they save, how promptly they repay, and how responsibly they manage funds. This means women who have always done the right thing with money can finally prove it and be rewarded for it.

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💸 Disburse funds to multiple customers in one go to save time and reduce errors

If you’ve ever had to process dozens of loans manually, you know how tedious it can be. Our new bulk disbursement feature changes that completely. You can now release funds for multiple users at once, saving time and minimizing mistakes.

We’ve also provided a simple template you can use to upload customer and disbursement details. Once uploaded, the system automatically converts the data into ready-to-process disbursements. Even better, this process can be tied to approval workflows, allowing you to maintain full control and oversight before any bulk payment is executed.

To protect you from potential errors, the system also runs validation checks before processing. For instance, if a customer lacks the required KYC information, repayment method, or account setup, their disbursement will be automatically flagged and excluded.

This is especially useful for salary advances, group funding, or payroll-linked loans. It helps your team work faster, reduces manual work, and keeps your operations organized and compliant.

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💰 Manage savings withdrawals with structure and control 

You don’t want the risk of someone who owes you withdrawing from their savings or liquidating funds without your knowledge. To prevent that, we’ve introduced a savings withdrawal request and approval workflow.

You can now create workflows tied to specific savings products, meaning any savings plan connected to that product will require approval before withdrawals can be made. Customers simply submit a request, and you approve or decline it based on your policies.

This keeps your lending operation protected while ensuring transparency and a smoother customer experience.

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📦 Release funds gradually with tranche disbursement 

Not every loan should be disbursed all at once, especially when funding large projects, construction work, or education expenses. With tranche disbursement, you can now release funds in stages based on milestones or borrower progress.

This approach helps you monitor performance, manage cash flow, and reduce risk. It also supports borrowers by ensuring funds are used for their intended purpose and at the right pace.

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🔍 Track loan applications with detailed timestamps 

Waiting for updates after submitting a loan application can be stressful for borrowers, and as a lender, it’s easy to lose visibility as applications move through different review stages. Our new loan application tracking feature solves that.

We’ve built a clear table view that records and timestamps every step of the process. You can now see exactly when an application was submitted, reviewed, approved, or declined. This level of detail helps you measure turnaround time, identify bottlenecks, and keep your team aligned on each loan’s progress.

Additionally, your customers can now see a similar view on your web app. They can track the progress of their own loan applications in real time, so they always know what’s happening without needing to contact support.

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What’s Better?

🏦 Verify bank account numbers and BVNs in one step for safer transactions

Verifying a Nigerian bank account number and confirming the BVN tied to it based on the BVN shared by the customer used to be a non-existent, difficult, and risky process. But that’s changing.

We’ve added a new lookup functionality that allows you to validate both details in one go. Once you input a customer’s account number and BVN, the system checks that they’re actually linked to the same person.

This makes your verification process faster, reduces the risk of identity mismatch, and helps you stay compliant with KYC requirements without the extra manual checks.

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🖋️ Let users sign offer letters directly from product links embedded in third-party platforms

Many lenders embed their loan product links in third-party platforms like BNPL or marketplace apps. Previously, if a customer accessed your loan from one of these platforms, they couldn’t complete the process of signing their offer letter directly.

We’ve now fixed that. Your users can review and sign offer letters straight from the product link—no need to jump between apps or log in separately.

This makes embedded lending experiences more seamless, reduces drop-offs, and helps you close more loans right where your customers are.

📅 Easily upload repayment schedules while booking a loan

You can now upload repayment schedules directly during the loan booking process. This saves you the hassle of creating or adjusting schedules later and ensures everything aligns perfectly with the borrower’s terms right from the start.

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🧭 Filter column views on any table for better visibility

When working with large data tables, it’s easy to get lost in too much information. Our new column filtering feature helps you fix that.

You can now choose which columns to display on any table view, hide the ones you don’t need, and focus only on what matters most. It’s an easy way to keep your workspace clean, organized, and efficient.

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What’s Cooking?

💰 Collect multiple repayments in one go with Bulk Collections

Just like bulk disbursements made payouts easier, we’re now bringing the same convenience to collections. With Bulk Collections, you’ll be able to collect repayments from multiple borrowers at once instead of processing them one by one.

This will save you time, simplify reconciliation, and help you stay on top of collections with less manual work. Whether you’re managing salary deductions, recurring payments, or batch settlements, this feature is designed to make repayment management effortless.

🛑 Approve or review requests before a direct debit mandate is deactivated

Direct debit is a powerful tool for collections, but it comes with one challenge. Your team can sometimes deactivate their mandate without your knowledge. Soon, you’ll have the ability to approve any request to deactivate a direct debit mandate before it’s finalized.

This gives you more control, reduces the risk of missed payments, and ensures that deactivations only happen when they should. It’s an extra layer of protection for both you and your customers.

💳 Support for Paystack in virtual account integration

We’re expanding your options for virtual account setups. Soon, you’ll be able to integrate Paystack as a virtual account provider right from your Lendsqr dashboard.

This means more flexibility, more choices for automation, and smoother customer experiences across different payment channels.

✍🏾 Let customers add their own digital signatures to offer letters

Offer letters are about to get a lot more personal. We’re adding support for borrowers to append their own digital signatures either by drawing directly on the screen or by uploading a pre-signed image.

This gives your customers a more intuitive and familiar signing experience, while keeping the process fully digital and compliant. It’s one more way we’re making loan onboarding faster, friendlier, and more secure.

For more information about these features and updates, schedule a consultation on navigating them by reaching out to us at [email protected] and we’ll be more than happy to help. Remember, your satisfaction fuels our commitment to excellence.