A large share of the poor in Nigeria lack access to credit to support their livelihoods, build assets, or access quick cash in case of an unexpected emergency.

Social Lender in partnership with the Consultative Group to Assist the Poor (CGAP) is launching a pilot to test the predictive power of social data generated from mobile, online and social media platforms on loan repayment behaviour of low income earners who have little or no access to formal credit.

Social Lender is among a restricted group of partners that CGAP selected among nearly 200 firms and organizations that submitted proposals for digital innovations that have the most potential to advance financial inclusion in Africa.

The partnership with CGAP provides a platform to explore the use of digital-enabled lending systems, focusing on using USSD as the application model for Users with feature phones in Nigeria. The pilot will make available access to digital credit to the poor to help them meet liquidity gaps that typically arise due to unexpected needs (e.g., healthcare expenditures) or from the irregular nature of their income. The partnership also aims to better understand the impact of financial education on borrowers’ creditworthiness and loan repayment practices.

In partnership with Sterling Bank, Social Lender has been using its proprietary Social Reputation Scoring and Social Guarantor Model in providing access to quick cash to thousands of people in Nigeria via Web and SMS platforms.

In South Africa, Social Lender is helping financial inclusion by enabling alternative lending products where its partner bank (ABSA, a member of Barclays Africa) is able to give credit to customers with limited credit history. As a result, ABSA was recently shortlisted as a finalist in the Gartner’s Eye on Innovation Awards 2017 in the ‘Most innovative digital business model’ category.

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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 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 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

#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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