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 […]
Importance of credit scoring for loan decisions
“What if they don’t pay back?” If we had to compile a list of questions frequently asked by lenders, this would probably be top of the list. It’s the biggest and most terrifying question a lender is faced with when assessing a loan application.Lenders in Nigeria are constantly forced to confront the reality that Nigerians don’t […]
Device finance in Nigeria: A case for BNPL
The business of today is no longer a physical place. It’s now conducted in millions and billions of devices all over the world. Even more interesting is the fact that, in Nigeria, lots of software developers, creatives, etc. are able to work for companies abroad from the comfort of their homes with their smart devices. […]
CBN’s Global Standing Instruction (GSI) explained
Understand what the CBN's Global Standing Instruction (GSI) is and how it affect loan repayments within the Nigerian financial ecosystem
Requirements for a moneylenders license in Nigeria
Lending is a profitable business whose economic significance can’t be disregarded. There are a few hurdles to scale to become a lender and getting a moneylenders license is one of them. Lenders need to be licensed, if not, they can’t start a money lending business legitimately. You can read more about how to determine the […]
Which is better for loan repayments: Cards or Direct Debit?
A lender’s worst nightmare is being unable to recover loans. This fear has a compelling hold on lenders that many have resorted to scare tactics, harassment and misusing borrowers’ data to force repayment. More often than not, adopting these unethical methods of loan recovery exposes the dire need for improvement of the lenders’ system for […]
APIs for lenders to reduce NPL
The threat that bad loans pose to lenders can’t be overemphasized. A lot of lenders have had to write off an alarming amount of non-performing loans (NPL). As a lender, a big concern you’re often confronted with is “what if they don’t pay back?” It’s imperative to be able to recover your loans. This is […]
What makes a great loan software
Whether you decide to build your loan software or use a LaaS platform like Lendsqr, consider these things
What is Lending-as-a-Service?
Lending-as-a-service (LaaS) is in the business of technology and not money lending
