How Artificial Intelligence (AI) can transform lending
It’s lending’s turn to experience this breakthrough, with companies like Lendsqr leading the charge. So, how will AI transform lending? Let's explore three key ways:
Lenders battle against fraudsters; a case for an industry blacklist
As digital lending surges in Nigeria, fraud has quietly become one of the industry’s biggest threats, with coordinated identity theft and serial loan defaulters overwhelming individual lenders who battle in isolation. The danger isn’t unique. Kenya offers a stark warning, with an estimated 3.2 million people blacklisted on the country’s TransUnion credit bureau. Without a unified industry blacklist to identify and curb repeat offenders, Nigerian lenders risk following the same path, continually staying several steps behind increasingly sophisticated fraudsters.
Why African lenders need different risk models than Western lenders
To make lending sustainable and fair, African lenders need models that recognize these realities instead of trying to fit them into assumptions that belong elsewhere.