Catch Social Lender at the Business Day Fintech Summit in Lagos

Social Lender CEO, Faith Adesemowo will be sharing on collaborating to achieve disruptive innovations in Nigeria’s Fintech at the Business Day Fintech Summit in Lagos.

The FINTECH Summit is scheduled as follows;

Date: July 21st , 2017.
Time: 9.00am prompt
Venue: Landmark Event Centre
Theme: Harnessing the power of disruptive innovation in Fintech

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Social Lender named Ecobank Fintech Fellow

Developers, programmers and fintech innovators all over Africa are joining forces with Ecobank, the continent’s biggest banking ecosystem to transform finance through technology and innovation.

Ecobank is challenging Africa’s new generation of entrepreneurs to find lasting solutions to the continent’s most pressing banking issues.

Social Lender has been announced as one of the 20 innovators from across the continent. Read more

Social Lender at Seamless Africa Conference, Cape Town

Social Lender Team will be at Seamless Africa Conference holding from the 14th – 15th of March at the Cape Town International Convention Centre.

Bade Adesemowo, Co-founder at Social Lender will be speaking at the Seamless Payments sessions.

The conference seeks to explore the challenges, opportunities and trends that Africa’s leading banks and disruptors have to offer.

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Social Lender is coming to Tanzania

TZ flagSocial Lender will be at the 2017 Fintech Fair organized by CGAP. The 2017 CGAP partners Event holds in  Dar es Salaam, Tanzania from February 7-9, 2017.

 

CGAP (the Consultative Group to Assist the Poor) is a global partnership of 34 leading organizations that seek to advance financial inclusion. Housed at the World Bank, CGAP combines a pragmatic approach to responsible market development with an evidence-based advocacy platform to increase access to the financial services the poor need to improve their lives.

 

The event involves several financial service providers (banks, telcos, digital platforms, donors and others) who are keen to learn and share their experiences expanding financial services to low-income customers. It kicks off with a “Fintech Day” on Tuesday Feb 7th showcasing key innovations in financial services. Social Lender will be showcasing its innovative technology.

Social Lender’s CEO, Faith Adesemowo will also be in attendance for the networking Fintech Fair cocktail during the event.

 

With strong partnerships in Nigeria (Sterling Bank) and South Africa (ABSA Bank / Barclays Bank), Social Lender is enabling access to formal credit to Africans who otherwise would have no access using its proprietary Social Reputation Score.

 

If you or your financial institution would like to meet with Faith in Dar es Salaam, kindly contact founders@sociallenderng.com

Social Lender featured in the International Telecommunication Union (ITU) DFS report

Digital Financial Services for Financial Inclusion

Social Lender was featured in the  International Telecommunication Union (ITU) focus group on Digital Financial Services (DFS) report.  The report identified and evaluated ID and authentication systems, both private and state-led for their use and impact on DFS and financial inclusion.

The International Telecommunication Union (ITU) is the United Nations specialized agency in the field of telecommunications, information and communication technologies (ICTs). The ITU Telecommunication Standardization Sector (ITU-T) is a permanent organ of ITU. ITU-T is responsible for studying technical, operating and tariff questions and issuing.

Social Lender is making a huge impact on the financial inclusion objectives for Africa.

We are excited about our growth as a company. We can do much more with the help of more strategic partners. You can reach out to founders@sociallenderng.com for partnership opportunities.

 

The full report is at :http://www.itu.int/en/ITU-T/studygroups/2017-2020/09/Documents/ITU_FGDFS_Report_IdentityandAuthentication.pdf

 

About Social Lender

Social Lender is a lending solution based on social reputation on mobile, online and social media platforms.

The solution is designed to bridge the gap of immediate fund access for people with limited access to formal credit. Social Lender uses its own proprietary algorithm to perform a social audit of the user on social media, online and other related platforms and gives a Social Reputation Score to each user. Loans are guaranteed by the user’s social profile and network allowing users to then borrow from banks and other financial institutions based on their social reputation.

You can find out more at www.sociallenderng.com

Join #iRep #SocialLender Challenge and Win Big!

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We introduce the the #iRep #SocialLender Challenge.  Those who Rep #SocialLender best will win prizes.

Joining is Simple:

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#SocialLender #Nigeria56 Independence Challenge

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#SocialLender #Nigeria56 Independence Challenge.

Post a Picture in your Nigerian Traditional Attire to Social Lender Page.

Steps:
1. Generate a customised display picture in your Nigerian traditional attire at sociallender.circleng.com.

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#SocialLender #Selfiechallenge on Facebook

We are  currently running #SocialLender #SelfieChallenge on our Facebook Page. It will run till September 15th and the Selfie with the most number of likes will win the prize.

It is easy to enter. Just submit a cool group selfie with friends and post it as a comment below the post on the Social Lender Facebook Page.

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You can submit an entry by visiting: http://www.bit.ly/sociallenderselfiechallenge

We have seen some amazing entries. Will yours be one of them?

Social Lender BBC News Feature: How your social media reputation could secure you a loan –

directiona_1Social Lender was featured in the BBC news feature article with the title “How your social media reputation could secure you a loan”.

Find below some excerpts

“For example, Nigeria’s Social Lender looks at borrowers’ social media profiles to assess their creditworthiness.

One of the issues lenders face is that it is near impossible to obtain adequate data about people, particularly in rural areas. So mobile and web are proving useful ways of gathering it.

Social Lender uses its own algorithm to assign a “social reputation score” to each user, with “social guarantors” acting like referees validating their trustworthiness.

As the youth-orientated website strapline has it: “Get rep, get cash, stay fly”.

“The solution is designed to bridge the gap of immediate fund access for people with limited access to formal credit,” says co-founder Faith Adesemowo.”

 

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Start-up snapshot: Get a loan based on your social media reputation

Bade and Faith - Social Lender

 

Nigerian lending platform Social Lender allows users to access small amounts of credit based on their social media reputation, bypassing traditional means of getting a loan.

The aim is to license the technology to banks and financial institutions, which then incorporate it into their own brands. As of now it has only been licensed to Nigeria’s Sterling Bank.

By way of its own proprietary algorithm, it assigns a social reputation score (SRS) to each client – which determines creditworthiness and whether they are eligible for a loan or not. The SRS is based on a client’s information available on social media platforms. Users can also submit additional ‘social collateral’ to up their SRS.

Co-founders Bade Adesemowo and Faith Adesemowo provided How we made it in Africa with a brief overview of their business operations.

1. How did you finance your start-up?

We bootstrapped to start and, months later, made our first sale to Sterling Bank Nigeria by way of licensing the solution. [We also received funding from] Barclays Bank (ABSA) and the Techstars Accelerator.

2. If you were given US$1m to invest in your company now, where would it go?

We are looking to scale very rapidly in Nigeria, South Africa and across the rest of Africa. The funding would go to adding more data points to the system, hiring more developers and improving the platform.

3. What risks does your business face?

Unsecured lending typically sees about 10-15% default rate and so managing this risk is a major challenge.

4. So far, what has proven to be the most successful form of marketing?

Online marketing via social media and various online portals.

5. Describe your most exciting entrepreneurial moment.

Signing the commercial contract with our first partner bank.

6. What has been your biggest mistake? 

Allowing only the licensed financial institutions to run and manage the marketing communication of Social Lender.

Source: How we made it In Africa