Lendsqr vs Voxforem Technologies as a loan management software in Zambia

It’s an enlightening moment when you realize you need a loan management system to scale your business, and with it comes the burden of choice: which loan management system will keep you afloat and help you hit the ground running during the transition? Which one will fulfill its promise of helping you build a more streamlined business and grow your profits while keeping it safe?

As Zambia’s credit industry expands to accommodate a growing demand for loans across SMEs and individuals, lenders are forced to consider what system can empower them to scale sustainably and remain competitive.

Between all the available options, Lendsqr and Voxforem Technologies emerge as two promising players that meet the needs of Zambian lenders.

Each system claims to streamline operations, improve borrower experience, and enhance risk assessment. But which one truly delivers on these promises, and more importantly, which one is the right fit for your business in this specific market?

We’ll compare the strengths and weaknesses of both, comparing their feature sets, support capabilities, and the overall value they bring in Zambia’s unique lending landscape, ultimately helping you navigate the burden of choice with greater clarity.

About Voxforem Technologies

Voxforem Technologies started back in 2011, and since then, they’ve grown into a trusted software company with offices in Zambia, India, and the U.S. What started as a small tech venture has now expanded to serve over 500 clients worldwide, across all kinds of industries and sectors.

They offer a variety of services like web development, digital marketing, accounting software, school management solutions, and even hospital management tools. Essentially, if there’s a need for technology to make businesses run smoother, Voxforem has probably got a solution for it.

The team at Voxforem is big on keeping their clients happy. They’ve made a name for themselves by focusing on innovation, quality, and, most importantly, customer satisfaction. Their support is available around the clock, literally 24/7, 365 days a year, even on holidays. Clients love their fast response times and the skills of their certified experts.

Their mission is pretty straightforward: to create world-class tech products that make it easier for businesses to succeed. And their vision is to keep coming up with fresh ideas and smart solutions that make a difference, both for their clients and for the people at Voxforem.

So, whether it’s about making sure schools, hospitals, or small businesses have the tech they need, Voxforem is all about helping companies adapt and grow in today’s digital world.

About Lendsqr

Lendsqr, founded in 2018 by Adedeji Olowe, is a global fintech company dedicated to simplifying the lending process through advanced, cloud-based loan management software. Their platform enables lenders—including banks, microfinance institutions, and digital lenders, to efficiently launch, manage, and scale their lending operations across multiple channels such as web, mobile, and USSD.

The heart of Lendsqr is its powerful loan management software, designed to tackle every part of the lending journey, from onboarding customers to disbursing loans, collecting repayments, and assessing risks.

Lendsqr’s commitment to leveraging technology for financial empowerment is evident in its continuous efforts to bridge the credit gap in developing countries, improving the lives of millions by providing accessible and efficient lending solutions. 

Whether you’re a small lender looking to scale or an established one seeking a smarter, more efficient system, Lendsqr is built to help you grow.

They both have compelling descriptions and high value propositions, so we understand the burden of choosing the best. So, how about we compare their offerings?

Getting started on both loan management systems

Lendsqr’s onboarding process is designed to be as swift and seamless as possible. Lenders can get started in as little as 5 minutes, thanks to a simplified setup process that doesn’t require complex technical skills or a mandated demo scheduling.

But, if you do need to meet the team for a personalized walkthrough, Lendsqr is also consultative and can help larger lenders design bespoke solutions and products, ensuring that their specific needs and complex requirements are met effectively.

For those who want to explore the platform before committing, Lendsqr offers a free plan, allowing lenders to test the waters and experience the platform’s capabilities without upfront costs. The focus here is to allow lenders to launch quickly and efficiently, with minimal setup hassles.

On the other hand, Voxforem Technologies takes a bit of a different approach. To get started, lenders need to book a demo first. This lets you see exactly how their system works and how it can be customized to suit your specific needs. Voxforem takes the time to personalize the setup, which means the process is a little longer, but you get a system that’s tailored to fit your existing workflows perfectly. They work closely with you to make sure everything is just right before you go live.

In a nutshell, if you’re looking to get started quickly and easily, Lendsqr is the way to go. If you’d prefer a more customized solution and don’t mind taking some extra time to get everything set up just right, then Voxforem might be a better fit.

Loan origination and decisioning features

Voxforem Technologies provides an automated approach to gathering necessary information during the loan origination phase, starting from the initial loan application to the approval stage. This ensures that all relevant borrower data is collected in a streamlined manner, which helps lenders make well-informed decisions. 

Voxforem also automates various parts of the loan workflow, which improves speed and accuracy in processing loans while reducing manual errors. But, unlike Lendsqr, there isn’t a detailed mention of pre-configured risk models or integration with external data sources.

Lendsqr offers a streamlined and automated loan origination process that makes it easy for lenders to manage borrower onboarding. Lenders can create and customize various loan categories, allowing them to define unique terms, interest rates, and fees to suit different borrower profiles. 

Lendsqr also makes use of automated decision models that include over a hundred risk control parameters to help lenders make informed, data-driven decisions quickly. These models are fully customizable, which means that lenders can adapt the parameters to fit their specific risk tolerance and business needs. This helps reduce the risk of default and makes the decision process more efficient, ultimately improving loan approval times.

Lendsqr also integrates seamlessly with external services, such as credit bureaus, to pull borrower information and support decision-making. 

The platform even supports “loan invitations,” allowing lenders to proactively reach out to potential borrowers and streamline onboarding with SMS and email invitations. This helps lenders efficiently expand their borrower base while making the origination process user-friendly for customers.

Loan servicing and management features

Voxforem provides tools for managing loans once they are approved, focusing on classifying loans by product type, interest rates, and repayment schedules. Their system automates parts of the loan servicing process, like sending in-app notifications for repayment schedules and tracking fees. 

This means that lenders can stay on top of the repayment process and monitor how well loans are performing. 

Voxforem also supports both automatic and manual payment options, allowing borrowers to make payments via various gateways like PayPal, Stripe, and Flutterwave, or through traditional bank transfers and cash deposits.

Lendsqr makes loan servicing straightforward by offering a range of tools that help manage different loan products, including customizing loan terms, interest rates, and payment schedules. 

Lenders can easily disburse loans through integrated payment systems, including bank accounts and mobile payment providers, which makes the process fast and seamless. 

Lendsqr also automates repayment collections, offering different ways for borrowers to repay, such as direct debit, card payments, or even through virtual accounts. This flexibility helps make sure borrowers have multiple convenient options to keep up with their repayments.

Lendsqr also keeps track of repayments automatically, sending reminders to borrowers via SMS, email, and push notifications. This is great for keeping repayment schedules on track and ensuring borrowers don’t miss due dates.

Customer engagement and access to loan channels

Lendsqr provides a number of ways for borrowers to access loan services. They offer a web application that delivers a digital banking experience, allowing borrowers to apply for loans, manage their accounts, and even take advantage of additional services like savings, bill payments, and airtime purchases.

There’s also a mobile app (Android only) that makes it easy for borrowers to access loan services on the go, USSD and web SDK channels. 

This kind of multi-channel access means that borrowers have the convenience of choosing how they want to interact with their lender.

When it comes to engaging new borrowers, Lendsqr has a loan invitation feature, which allows lenders to send SMS and email invitations to prospects. This makes it easier for lenders to expand their customer base by reaching out directly to potential borrowers.

Voxforem uses a more centralized approach to customer engagement. They have a communication platform that keeps all borrower information updated in real time, making sure that lenders have all the data they need to make informed decisions. 

This also helps keep communication consistent, ensuring that both borrowers and lenders are always on the same page. 

However, unlike Lendsqr, Voxforem doesn’t mention specific apps or proactive engagement tools like loan invitations. Instead, they focus on maintaining real-time updates and managing borrower information efficiently.

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Payment and collection solutions

Voxforem provides support for both automatic and manual payment gateways. Borrowers can make payments through a variety of channels, including PayPal, Stripe, Razorpay, Paystack, Flutterwave, and Instamojo. They also allow for manual payments, such as bank transfers or cash deposits, which means borrowers can choose a payment method that is most accessible to them. Voxforem also has in-app notifications to keep track of repayment schedules and remind borrowers, helping ensure timely repayments.

Lendsqr offers multiple payment options to help borrowers repay their loans in the way that suits them best. They support direct debit, card payments, and virtual accounts for repayments, which makes it very flexible for borrowers. Lenders can also benefit from Lendsqr’s integration with various payment providers, ensuring that borrowers have convenient ways to pay back their loans.

Repayment collection is also automated, borrowers receive reminders through SMS, email, and push notifications, which helps them stay on track with their repayments and reduces the likelihood of missed payments.

Reporting and analytics features

Voxforem offers a reporting module that includes data visualization tools for different types of reports, such as account statements, interest reports, loan payment reports, and expense reports. 

These reports are designed to help lenders track cash flow and get a detailed overview of their loan performance. Voxforem’s reporting tools make it easier for lenders to analyze financial data and understand the overall performance of their loan book, helping them make informed decisions.

Lendsqr provides a comprehensive dashboard that covers every aspect of loan management. This dashboard includes information on collections, disbursements, penalties, portfolio analysis, and risk analysis.

With all these metrics in one place, lenders can easily monitor the health of their loan portfolio, understand risk exposure, and make better strategic decisions. The dashboard gives a clear picture of how well loans are performing and helps lenders adjust their approach based on real-time data.

Platform integration and API support features

Voxforem does not provide specific information about offering APIs or integration with third-party platforms. Their focus seems more centered on delivering an out-of-the-box loan management solution rather than extensive integrations. 

But, they do provide features that centralize all borrower information, which is useful for lenders who prefer to have all the essential data within a single platform without the need for further integration.

Lendsqr provides strong integration capabilities through its Adjutor API Service. This API suite supports various functions such as onboarding, account verification, and credit decisioning, which allows lenders to customize their workflows and connect easily with other systems. 

Lendsqr also supports third-party integrations, making it easier for lenders to connect with external services like payment providers or credit bureaus. 

Plus, there are options to integrate its services into lenders’ existing systems, such as embedding loan services directly on their website or integrating with core banking systems and ERP platforms.

Customer support and service levels

Lendsqr provides dedicated support throughout the onboarding and operational phases. The support team assists lenders with training, and setting up components like payment systems and USSD codes, making sure everything is up and running smoothly.

Voxforem offers 24/7 client support through an efficient ticket management system. This means lenders can reach out for help at any time, even on weekends or holidays. The emphasis here is on continuous support, ensuring that any issues that arise during day-to-day operations are addressed promptly.

Voxforem’s support also includes real-time updates and assistance during onboarding, which helps lenders stay informed and get their systems customized to meet their needs.

Customization and branding features

Lendsqr offers a white-label mobile app and even options for a fully custom mobile app, making it easy for lenders to reflect their brand consistently across all borrower touchpoints. Voxforem does not mention offering white-label or branding features.

Lendsqr allows customization across the entire loan management process, from loan product categories to branding elements, which gives lenders a lot of control over how their services are presented to customers. Voxforem provides a flexible loan management system, but it does not specify customization or branding options that lenders can use.

Complying with regulations and security

Lendsqr offers integration with credit bureaus for compliant decision-making and identity verification through their API services, which helps lenders follow industry regulations like KYC. Voxforem does not provide detailed information on compliance tools, making it unclear whether similar capabilities are offered.

In terms of security, Lendsqr uses various tools to safeguard data, including secure connections for integrating payments and customer information. They aim to keep borrower data protected while also enabling easy access to necessary information for lenders.

Voxforem does not provide specific information on their data security measures.

So, what will it be: Lendsqr or Voxforem?

Each one has its strengths, and it all comes down to how you want to grow. Just remember, choosing a loan management software isn’t just a business decision, it’s the difference between staying in the game or scaling to new heights. Make the call that fits your vision for the future of lending in Zambia.

If you do choose Lendsqr, simply send us a message to growth@lendsqr.com to get started.