Why Nigerians don’t pay their loans
The frustration that comes from not being able to recover money because Nigerians don’t pay back their loans isn’t debatable. But, why don’t Nigerians pay back their loans?
Lenders battle against fraudsters; a case for an industry blacklist
As digital lending surges in Nigeria, fraud has quietly become one of the industry’s biggest threats, with coordinated identity theft and serial loan defaulters overwhelming individual lenders who battle in isolation. The danger isn’t unique. Kenya offers a stark warning, with an estimated 3.2 million people blacklisted on the country’s TransUnion credit bureau. Without a unified industry blacklist to identify and curb repeat offenders, Nigerian lenders risk following the same path, continually staying several steps behind increasingly sophisticated fraudsters.
Effective loan collections for lenders in Kenya
The Kenyan lending space is unique. Mobile loans are a good opportunity for millions, yet they also come with high default rates.