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.
Everything to know about the Nigeria credit reporting act
This article provides an explanation of the Credit Reporting Act. It stays close to the law while focusing on how the provisions affect lenders in practice.
How to get a business loan in Kenya
The reality for most Kenyan entrepreneurs today is that they're full of ideas but lack the capital to execute. Securing a business loan can be an overwhelming process but in this guide, we've made it easier for you to understand.