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. …


What is lending really about?

In its most general sense, lending is a business that allows for temporary giving of money to another person known as a borrower with the expectation that it will be repaid with interest. What a simple concept! The lender is paid interest on the loan as a cost of the loan and the higher the risk of not being paid back, the higher the interest rate.

In Nigeria, micro-finance banks and niche Fintech startups are the prominent go-to places for getting personal and SME loans but as opposed to large commercial banks, loans from Fintechs…


Would you be interested to make extra cash, borrowing out some of your excess funds to individuals? If yes, then you should consider investing in a lending business; popularly known as consumer lending. The lending business is on the rise as there are platforms that are now built to provide opportunities to individuals who want to grow their finances while helping others.

In this article, I’ll give you reasons why you should invest in the lending business and also explain how you can get started today.

Ready? Let’s begin!

Investing in a lending business allows you loan money to individuals…


To effectively communicate value as an entrepreneur, effective communication is a needed skill. It’s vital for any business owner as it determines to an extent the success of a business (winning new customers and retaining old ones).

How would a business sustain itself without communications? How will it gain new customers or build a sustainable relationship with the existing ones without communications? Quite rhetoric, right?

How then should you communicate value as an entrepreneur? …

Lendsqr

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

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store