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 Credit Scoring is Important to Lending
A big determinant in whether you decide to lend a borrower money or not is the confidence you have in the borrower’s ability and willingness to pay you back.
How to use NIBSS with Lendsqr for loan repayments
Using NIBSS' direct debit system on Lendsqr loan management software is easy, as it's natively integrated into the platform.