Everything’s getting better this September
A happy new month to our excellent lenders! We hope last month was filled with good surprises and that September’s surprises will be even better. In the last month, we’ve worked tirelessly to bring you some really great features that we know will make your lending experience much better. Keep reading to know more about […]
How to design a customer centric lending product
The importance of having your products suited to the needs of customers is often understated. A good product is one which fits/ addresses specific needs of the market. It’s almost impossible to gain market share or domination without tailoring one’s offerings to the needs of customers. Achieving customer-centric product design requires an intimate understanding of […]
What do borrowers want from lenders?
It’s a widely spread belief amongst lenders that handing over cash or processing loans faster is all that borrowers want. Unfortunately, lending is more nuanced than this. To have a deeper understanding into what drives Nigerians towards one lender or the other, Lendsqr conducted a survey to find out the preferences of borrowers in Nigeria. […]
Why you should digitize your Ajo lending business
Savings and investment have been an integral part of our local community from pre-colonial times. This largely due to the communal nature of the African community – we naturally tend to look out for each other, even where finances are concerned. The advent of formal and structured financing avenues have not completely substituted the thrift […]
Preparing your income statement as a lender- management accounting 101
No one likes the boring routine of bookkeeping and punching in numbers; but management accounting is a highly important for your lending business.
Drafting a strategy for your lending business
The business strategy is the foundation of every business, it provides guidance to what the organization is set-up to achieve. The first step towards building a strong lending business, with long-term sustainable growth is having a clearly defined strategy. In simple terms, your strategy tells your stakeholders (internal and external) what your organization will be […]
Expand your lending business with customer incentives
Human psychology indicates that human beings make purchase decisions based on emotions which are subsequently justified by rational suggestions. According to Simon Sinek, it’s easier to sell a product that’s emotionally charged. This is where incentives come in. Humans as consumers generally respond to incentives as a big motivating factor for their purchase decisions. The […]
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 […]
How to grow your customer base as a lender
Having a large customer base is the goal of every business. Not only is it one of the pillars of growth, it also allows a lender to diversify their revenue base. A solid customer base is a sign of a healthy business and the quarter on quarter growth is a metric that every smart investor […]
Building the right culture in your lending business
Culture is a critical requirement for any business to achieve its business objectives. As the popular saying goes, “culture eats strategy for breakfast”. Well-thought out strategies, processes, policies, frameworks and models; without an enabling culture won’t return desired corporate values for any organization. A lending business, like any other business requires the right culture to […]
Fund your lending business with on-lending facilities
The credit gap in Nigeria is massive, at over 74 trillion. However, there are still not enough loans to go around for everyone who needs them. Beyond the tech to scale, lenders also need the capital to lend. How many loans could a startup lender possibly give from bootstrapping? Say a lender starts with N10m […]
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 […]
