Best loan management software for Malawian lenders: Lendsqr vs. Acumatica

Access to credit is becoming essential in Malawi, opening doors for everyone, from entrepreneurs with big ideas to individuals managing family needs. If you’re a lender, you’ve likely seen this demand firsthand. According to the Reserve Bank of Malawi, over 750,000 Malawians are now actively using credit, and with mobile money adoption reaching 34% as of 2022, more people than ever have financial services at their fingertips.

But as you know, it’s not just about offering loans anymore. Managing those loans efficiently, minimizing risks, and creating a smooth experience for borrowers can make or break your business. That’s where loan management software steps in, simplifying and streamlining everything from application to repayment.

Now, with options like Lendsqr and Acumatica, you might be wondering which platform fits your business best. This article highlights each solution’s top features and benefits to help you choose the best fit in Malawi’s lending market.

About Acumatica

Acumatica, established in 2008, is a leading cloud ERP technology company that focuses on empowering small and midsize businesses with integrated management solutions. Owned by EQT Partners, one of the world’s top investment firms, Acumatica is currently led by CEO John Case and offers a robust suite of cloud-based enterprise resource planning (ERP) tools designed to streamline complex business operations.

Acumatica offers applications for loan management, inventory, financials, CRM, and more, allowing companies to unify processes on a single platform for improved efficiency and growth. AcuLoan, a sub-product of Acumatica, is a complete Loan Management Software designed within the Acumatica Framework. It handles most finance loans such as installment sales, staff loans, student loans, term loans, and vehicle loans.

About Lendsqr

Lendsqr is a fintech SaaS company offering advanced end-to-end lending technology to help lenders grow sustainably, ethically, and profitably. Established in 2018 by CEO Adedeji Olowe, Lendsqr has rapidly expanded, offering a suite of tools and integrations designed for seamless loan creation, customization, and management. Whether you’re a microfinance institution, SACCO, or a larger retail lender, Lendsqr’s platform equips you to make informed lending decisions and confidently enter new markets. 

Let’s compare: Lendsqr vs Acumatica

It’s important to understand the distinctions between different providers to choose the right lending platform that meets your needs. In this comparison, we will evaluate Lendsqr and Acumatica to help you make a well-informed decision.

Getting started

Getting started with Lendsqr is a breeze. Once you sign up, you’ll have instant access to the platform, even on the free plan, allowing you to leap in and explore right away. This hands-on approach helps you familiarize yourself with the features before you decide to upgrade to a paid plan. The setup process is quick and easy, enabling lenders to configure their products and begin lending in just minutes. It’s perfect for anyone looking for a fast and flexible start. 

On the flip side, starting with Acumatica can be a bit more complicated, particularly if you want to explore the platform without commitment. To get started, arrange a personalized demo consultation with their team.

Channels

Acumatica provides a robust CRM solution designed specifically for managing the loan pre-approval process. It helps lenders track applications easily, simplifying everything from initial inquiries to final approvals. 

Lendsqr takes things up by offering a complete digital banking experience through its web app. It’s not just about lending; you can access services like savings, investments, airtime top-ups, and bill payments tailored to your loan business needs. For fast-growing retail lenders, Lendsqr has mobile app solutions available in three forms:

• Progressive Web App (PWA): This budget-friendly option is perfect for Microfinance Banks (MFBs) and can be up and running in just a week.
• White-label app: Here, you can fully customize colors, text, and branding to match your style.
• Fully customizable mobile app: This allows you to tweak the app to fit your specific business needs.

Verification and decisioning

Acumatica provides software designed for onboarding borrowers, managing applications, and facilitating loan approvals. However, it does not integrate with credit bureaus or have an internal borrower verification system. Additionally, Acumatica lacks decision engines to assist lenders in making informed decisions. That said, it offers statement data, which can serve as a valuable tool for decision-making. 

Lendsqr offers a tiered KYC configuration that lets you categorize customers based on the information and documents they provide. This feature gives you more control over your lending decisions. With customizable decision models tailored to your business requirements, Lendsqr provides lenders with a wide range of options, including over a hundred risk control parameters. Since liveness verification can be costly, Lendsqr also developed its proprietary engine to give lenders a superior and cost-effective way to verify borrowers’ identities. Additionally, Lendsqr’s mobile SDK API allows you to ethically access data from customers’ mobile devices, enabling you to make more informed and smarter credit decisions.

Repayments and recovery

With Lendsqr, you can tap into a variety of payment integrations, both local and international. Whether it’s Paystack, Flutterwave, or global platforms like GoCardless and Rotessa, Lendsqr simplifies the automation of loan repayments via direct debit or mobile money. This flexibility benefits growing lenders looking to expand into new markets or offer diverse payment options. Lendsqr also enables lenders to automate payment collections through direct debit and offers ethical debt recovery solutions through technology like schedulers and AI algorithms. 

Acumatica makes managing loan repayments a breeze with its automated loan collections process. You can easily handle everything from debit order generation to settlements, write-offs, restructures, fees, and charges. This automation ensures that you collect payments on time, reducing the default risk. However, integration with payment providers is not part of the AcuLoan package. 

Reports and analytics

Lendsqr provides lenders with essential reports for purposes like reporting, analytics, and audits. Access to accurate data is important for making informed business decisions, and Lendsqr ensures that this information is readily available. The reports cover a wide range of information, including user activity, loan applications, sign-ups, loan performance, transactions, and loan repayments. 

Acumatica provides dynamic loan age analysis and real-time reporting to help lenders easily understand their loan portfolios. With these reporting tools, lenders can track how loans perform over time, see trends in aging loans, and spot potential risks with overdue payments.

Pricing

Lendsqr offers a transparent and flexible pricing structure. The Pro plan costs $200 per month, while the Business and Enterprise plans cost $500 and $1,000 per month, respectively. Additionally, the free plan allows smaller lenders or those interested in the platform to gain practical experience without any initial investment. 

On average, most users report that Acumatica’s monthly fees typically range from $1,800 to $2,900, depending on the specific features and configurations they choose. Consult the Acumatica team to get an accurate quote tailored to your needs.

Find the right fit for your business

As you weigh your options, think about what really matters for your lending operation: ease of use, integration capabilities, or robust reporting features. Sure, the decision may feel daunting, but remember, choosing the right tool could be the difference between keeping up with demand and falling behind in a competitive market. In the end, it’s not just about the numbers; it’s about how you can make lending work better for everyone involved. Interestingly, you can start lending for free with Lendsqr. Book a free demo with Lendsqr.