How to use myBankStatement with Lendsqr for credit scoring

Lenders require various data points to make informed lending decisions, including a borrower’s bank transaction history. Whether it be an individual seeking a personal loan or a small business owner seeking an SME loan.

The goal is to understand an individual’s cash flow and overall financial capacity. Bank statements ideally offer the most granular data for this assessment. However, due to this information’s highly sensitive and private nature, acquiring it can be a tough nut to crack. Luckily, this is where bank statement providers come in to save the day.

Today, the leading statement providers in Nigeria are Mono, Okra, myBankStatement (MBS), and Lendsqr — through Kolo, which is still in Beta mode.

Feature read: We built Kolo to help you tame your bank accounts

What is myBankStatement?

myBankStatement is a product of Wallz & Queen Limited, a software development company that provides unique custom-built business solutions to consumers and businesses. myBankStatement is spread across 17 countries and over 500 financial institutions. 

Word on the street is that they initially started piloting through First City Monument Bank (FCMB) and Sterling Bank. At this time, they’ve connected with over 14 banks. However, over the last few years, they have fallen behind in innovation and marketing. Notwithstanding, they still work excellently.

As of today, we can boldly say myBankStatement provides the best and most assured bank statement service in the whole of Nigeria. The good news is that as a lender powered by the Lendsqr loan management software, you can access your borrowers’ bank statement data. Since Lendsqr is integrated with myBankStatement naturally, our lenders are too.

Getting myBankStatement to work with Lendsqr

1. Before getting started with myBankStatement, a lender must have a valid and up-to-date license and must remember that Know Your Customer (KYC) is of the utmost importance before integration commences.
2. After you confirm the authenticity and currency of your license and lender information, contact myBankStatement to submit lender information. They’ll generate a username and password, which you can use to log in.
3. Bring MBS API keys to Lendsqr for integration. Once you get your keys, engage with the Lendsqr support team. Our Engineers will then configure MBS into your loan platform.
4. We also help you configure your Oraculi decision model.
5. Once you’ve successfully logged on, ensure you verify your details on the top right corner of the page and change your password.
6. Now, you can request bank statements at your borrowers’ behest.
7. To request an account statement, navigate to the eStatement tab. Input the account number, select the bank, select the period of the statement to be requested, select the role of the account owner, input the phone number attached to the account at the selected bank, and then input the applicant’s name(s). Ensure the details provided are correct, and click send. 

Feature read: Why using bank statements is important for loan decisions

8. Now, we get to the tricky part: Pricing. When it comes to pricing, MBS can be considered pretty expensive. If you want to get a PDF statement, it costs about N250. 
9. While JSON data, embedded into your integration costs roughly N400.
10. Remember that although the lender is charged, the borrower is also charged separately, and it can go into thousands of naira for each statement generated. 
11. While the price may be considered cutthroat, from an elegance and quality standpoint, myBankStatement remains top of its game. Perhaps that’s why it’s maintained its crown as an industry favourite.

Feature read: Get bank accounts and statements of your borrowers

Start lending smarter with the right data

Gone are the days of relying on gut feelings or guesswork; now, you can harness data to make informed credit decisions like never before. With myBankStatement’s, you can have a 360-degree view of your borrowers’ financial profiles. Every detail is at your fingertips, from transaction histories to spending patterns, income streams, and more, empowering you to lend smarter and more confidently. Say goodbye to lending with uncertainty. Send us a message at [email protected] to get started.