“So…You’re just a glorified errand girl.”
Two months ago, I was having a conversation with a good friend of mine. We spoke about work and, eventually, the conversation ended with that statement above — let’s just say, it didn’t end well.
To provide better context, however, I had just told her that my job involved a lot of running around, following up with people and meetings. Quite simplistic of me to summarise my job role into what, in essence, is a glorified errand girl.
She was right. I had done myself and the product management role a…
The good, the bad, and the ugly…
For those who may not know, Lendsqr is a Lending-as-a-Service company and not a lender. What does this mean? I’ll explain.
In simple terms, we provide Lenders with the technology they need to succeed. To go further, Lendsqr provides lenders with the relevant technologies and infrastructure, through APIs and cloud-based systems, that are required to maintain and improve their business.
Our services cover the entire loan origination process from the scoring and processing to the approval and disbursement and the repayments and collections. …
Nigeria’s 200 million-strong population is often the ultimate proof that the giant of Africa has a large market for just about anything. The belief is that as long as you make anything, you can sell it here.
But our economic realities have helped us adjust those mythic expectations and what we now talk a lot about is Nigeria’s total addressable market (TAM). TAM has become a contentious term, mainly because there’s not much data to give you a clear picture of the Nigerian market.
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.
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.
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.
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…