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 delayed salaries, rising food inflation or even the loss of a job. Sometimes credit is more proactive, it helps people to afford the expensive upfront payments for rent or make an investment in good education for their kids.

Yet credit is difficult to access because…

By Adedeji Olowe

In Kenya, an estimated 3.2 million people — 6% of the population — have been blacklisted on Kenya’s TransUnion credit reference bureau for non-repayment of digital credit loans. Being placed on a blacklist like this means that you won’t take loans from any other lender.

It would also mean that you will be ineligible for post-paid services like pay TV. While there’s a lot of debate as to whether blacklists promote financial exclusion, I believe that it is a useful tool in shaping people’s credit behavior.

Take Nigeria, for instance, where it is taken for granted by…

By Adedeji Olowe

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 penetration is so low you have probably never seen a Nigerian with a credit card before. Given the massive size of the Nigerian economy, our stats on personal loans and credit cards is very shocking.

There are even more. In 2020, lending…

By Adedeji Olowe

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.

Between thinking about the risk profile of individuals and smaller business players and the absence of real disincentives against failing to repay loans, banks mainly provided credit facilities to large companies and the rich. It has robbed Nigeria of a unique opportunity to grow its middle class or lift over 100 million of us out of chronic and crushing poverty.

Credit is a global…

When emergencies strike and funds are needed, it is often difficult to know where to turn. As a Nigerian, it can be quite difficult to save for rainy days, as every day is well…quite rainy. This means that at the same time, family and friends may not be able to help you out of such crises.

Here comes the payday loans; the knight that doesn’t have shining armor.

What are payday loans?

Payday loans are short-term loans that allow you have access to cash to deal with your immediate needs until your next salary payday. Not only do these loans cost more than the…

The Nigerian’s perception of loans can be likened to the human’s fear of wild animals; scary! Okay, maybe that analogy is layered a little too thick, but you must agree that Nigerians hate loans which is ironic because when they eventually get them, they never payback.

To the crux of the matter, why do loans have such a bad rep in Nigeria? Why do people liken loans to entrapment? Let’s dive in and find out why.

#1 Lack of financial enlightenment

The average Nigerian doesn’t know much about personal finances, financial products, etc, and the worst part is we ain’t even sure they want to…

That Nigerians don’t pay back their loans on time isn’t up for debate, after all, we all get replete with stories of the high and mighty, and the not so mighty, dragging it out with banks regarding bad loans.

“The Nigerian attitude to debt is curious and nowhere could this have been better demonstrated than in the Federal government’s failure to recover thousands of loans disbursed to farmers under the Anchor Borrowers Scheme.”Tech Cabal,

That the attitude of Nigerians to debt repayment has been a significant barrier to consumer credit in Nigeria would be an understatement. For the…

We’re in an age where technology shapes our lives. Technology has had its input in almost every sector of human life and businesses are not excluded. Today, technology is causing a revolution in the lending industry.

For a long time, before technology bettered the Fintech industry, the known lending channels were banks, and banks had strenuous processes to give loans to individuals or business owners. This meant it wasn’t easy to access loans at the time when you need them. At some point, people had to resort to informal lending bodies to meet emergency cash requirements i.e from parents, friends…

As a lender, repeat customers are essential for building and maintaining a healthy business; but expanding your clientele and attracting new customers is the key to growing your business, as well as growing your income. Financial lending is one of the growing niches in the Fintech space and will experience massive growth in few years to come.

This growth proves that the demand for both private and business loans will be on the rise thereby providing many new opportunities for lenders to acquire new clients. However, don’t be quick to forget that both commercial and Microfinance Banks are competing in…

Too many people start a business without considering obtaining skills that’ll help the business succeed. It requires beyond dedication to sustain a successful business. You can achieve business success by planning out all the necessary steps you need to achieve success.

According to Bloomberg, 8 out of 10 entrepreneurs who start businesses fail within the first 18 months. To efficiently run a lending business, there are skills like in any other business that you’ll need to succeed in business. …


Lendsqr is a platform that takes the pain out of lending. Our initial focus is on small and individual lenders.

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