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 […]
Are lenders evil for charging high interest rates?
The average lender today would typically charge 4% — 10% per month (48% — 120% per year) on a loan. Whoa. Does it make you wonder how they are able to recover loans with these rates? What probably immediately comes to mind is how crazy and horrible these rates are and that there is no way […]
Lendsqr’s guide to responsible lending
Credit is one of the surest ways to grow an economy and bring smiles to the faces of small business owners, artisans trying to finish a supply, and fathers trying to provide for their families. If you’re a lender reading this, you’re probably thinking you made the right decision choosing this line of business right? […]
Tell your lending story. Win N50,000! 🏆
We can bet that you will have at least one great lending story. Tell us today, win N50,000.
How big is the addressable market for consumer loan in Nigeria?
Nigeria’s 200 million-strong population is often the ultimate proof that the giant of Africa has a large market for just about anything. The belief is that as long as you make anything, you can sell it here. But our economic realities have helped us adjust those mythic expectations and what we now talk a lot about […]
We built Lendsqr to innovate affordable credit for all
There’s no shortage of research to show how crucial consumer credit is to the average Nigerian and the economy as a whole. But we like to think of credit from how it affects people and it is often the one tool people use to deal with economic shocks. In Nigeria, those economic shocks can be […]
Lenders battle against fraudsters; a case for an industry blacklist
In Kenya, the lenders battle against fraudsters with an estimated 3.2 million people have been blacklisted on Kenya’s TransUnion credit reference bureau.
Why Nigerian banks will never win the consumer credit game
Consumer lending is basically loans to individuals, like me and you, to purchase goods and services. Of the forms of consumer lending, credit cards are perhaps the most popular. Yet, if you’re a Nigerian reading this, that last sentence is not very relatable, mostly because not only is consumer lending uncommon in Nigeria, credit card […]
Nigeria’s problems will be solved by access to credit
Access to credit has historically been difficult in Nigeria. This is because, for years, big banks were the sole providers of financial services and those banks didn’t care too much for retail banking.
