Customer count or profitability: which is more important for a lender?
Running a lending business, as is the case with running any other business, requires business owners to make some tough decisions. Most lenders, especially those new to the lending business, are typically faced with the high-consequence question: “What should I primarily focus on -growing my customer count or growing profitably?” The former is concerned with […]
Differentiate your lending business through customer experience
At our last count, we found over 200 loan apps in Nigeria and without a doubt, many more lenders are still building behind the scenes, getting ready to launch. Even though the wide credit gap means there are many potential customers available for the taking, now more than ever is the best time to discover […]
Device finance in Nigeria: A case for BNPL
The business of today is no longer a physical place. It’s now conducted in millions and billions of devices all over the world. . Even more interesting is the fact that, in Nigeria, lots of software developers, creatives, etc. are able to work for companies abroad from the comfort of their homes with their smart […]
Boosting your lending app rating on Google and Apple app stores
Think about all the apps you’ve installed over the last few years. What was the first thing that caught your eye and would ultimately determine whether you would proceed to download the app or bypass it in search of a better alternative? If you’re like everyone else with commonsense, then ratings and reviews tend to […]
Lendsqr partners with Freshworks to support startup lenders with $10k credit
Lendsqr has partnered with Freshworks to bring advanced back-office tools that make it easier to deliver a seamless customer and employee management experience.
Hurdles to scale to become a lender
Lending is a profitable business and is probably as old as time itself. Lending has subsequently evolved into fintech, which when done well, grows faster and attracts significant valuations than traditional banks. But lending is a tough business and those who do it deserve special praises and sometimes even prayers; they help the sick get […]
Lendsqr and Mono partner to power the next generation of lenders
Most Nigerians don’t have a credit history which affects lenders’ ability to assess loan applications and hence, limits borrowers’ access to credit. However, Lendsqr has partnered with Mono to provide lenders with customers’ bank statement data which assists them in making better informed decisions about borrowers’ capacity to repay their loans. Access to credit is […]
A borrower’s right to data privacy is not negotiable
Take a moment to think about how much effort and resources went into launching your digital lending business and look with optimism on the challenges that may lie ahead; nothing gets your heart racing several miles per minute like the chance that you may not recover your loans right? You worry about why Nigerians don’t pay […]
Ethical ways to recover loans
A not-so-fun fact you need to know about running a lending business is that the biggest challenge every Nigerian lender faces is not technology, capital or regulatory constraints, but how to recover loans and the scary fact is that Nigerians don’t pay back their loans. While one might be tempted to sympathize and assume that […]
A guide to promoting your lending business using digital channels
What is lending really about? In its most general sense, lending is a business that allows for temporary giving of money to another person known as a borrower with the expectation that it will be repaid with interest. What a simple concept! The lender is paid interest on the loan as a cost of the […]