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.”

 

You can read the full feature at http://www.bbc.com/news/business-37224847 .

We are excited about the prospects for Social Lender not just in Nigeria but across Africa. We are working hard to solve this very real problem of lack of access to formal credit.

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