Press Release: Nigerian Fintech start-up, Social Lender partners with CGAP to explore the use of social data for Financial Inclusion in Nigeria

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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#iRepmyClub #SocalLender Campaign

Hi there,

Incase you missed the memo and the online buzz

The #iRepmyClub #SocalLender Campaign is currently on and you wouldn’t want to miss out of the fun.

Are you proud of your Club?

Do you believe your Club has what it takes to win titles this season?

Then go ahead and #RepYourClub in the #iRepMyClub Campaign and get rewarded for it.

This is the best time to join as there are loads of prizes to be won in the ongoing Campaign.

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?