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.
How to know if a lending platform truly fits your business model
Read on to learn how to test a platform against your business, so the system you choose amplifies your model instead of forcing you to bend to someone else’s.
Banking as a service explained: All you need to know
Banking as a Service, or BaaS, is what allows businesses that aren’t banks to offer actual banking services to their customers.