Nigerian FinTech company, Social Lender Named 2018 VentureClash Semifinalist

…Finance Technology company takes a step closer to winning Connecticut’s $5 million global venture challenge

SOCIAL LENDER

Social Lender, a lending solution based on social reputation on mobile, online and social community platforms, today announced that it has advanced to the semifinalist round of the 2018 VentureClash competition. VentureClash, managed by Connecticut Innovations, is a $5 million global venture challenge for early-stage companies in digital health, financial technology, insurance technology and the Internet of Things.

Social Lender was founded in 2015 and has signed up over 15,000 users on their platform and recorded less than 4.1% bad debt on loans facilitated through their platform.  Over 60% of Social Lender’s first time borrowers return to the platform for more transactions. The Company has signed partnerships with Financial Institutions in 2 Countries of Operations including: Sterling Bank (Nigeria), Absa Barclays Bank (South Africa), and iTrust (Nigeria) with a pipeline of 5 partners in 2 countries. Social Lender is accessible on multiple channels which include SMS, USSD and Web.

The VentureClash competition attracted nearly 300 applications from more than 20 countries around the world. Social Lender was one of 34 companies selected to advance to the next round.

“Each year, the application pool gets stronger and stronger for VentureClash, and this year is no exception,” said Matt McCooe, CEO of Connecticut Innovations. “We’re extremely excited about our semifinalists this year and look forward to getting to know Social Lender during the process.”

Social Lender claims to be building a social network of Trust, Credit and much more…

VentureClash 2018 finalists will be announced on September 7, and those chosen will compete at the VentureClash finals event, to be held on October 18, 2018, at the Yale School of Management in New Haven, Connecticut.

About Social Lender

Social Lender is a lending solution based on social reputation on mobile, online and social community platforms. Small cash requests are offered to members of Social Lender communities with a valid bank account. Cash requests are guaranteed based on the user’s Social profile and reputation.

Social Lender uses its own proprietary algorithm to perform a social audit of the users’ online, on mobile, on social media and other related platforms and give a Social Reputation Score to each user. Users can borrow from banks and other financial institutions based on their Social Reputation Score. Social Reputation Score can be improved by providing more information e.g. social reputation score is improved by the introduction of Social Guarantor who provides electronic personal guarantee on the personality of the borrower or the transaction.

Social Lender delivers cash guaranteed by social reputation in most cases within 10 minutes. In three steps, users are able to get quick cash from Social Lender. First, users access Social Lender’s platform using any of the following channels; Web, SMS, USSD, Mobile App (Partner App Add-On or Dedicated Apps), Partner Bank ATMs, APIs or Pay with Social Lender (E-commerce Checkout). Immediately a social audit is conducted on the user (with user’s permission) and the user obtains a social reputation score based on their digital fingerprint. Second, the user applies for cash using any of the available channels. Third, funds are approved based on partner specific business rules and funds is disbursed to the users’ verified Account (Bank Account or Mobile Money Account) usually within 10 minutes.

About VentureClash

Managed by Connecticut Innovations, VentureClash is Connecticut’s global venture challenge focused on early-stage companies. The challenge identifies high-potential companies in digital health, fintech, insurtech and the Internet of Things that will receive investments from a $5 million investment award pool. Learn more at www.ventureclash.com.

 

About Connecticut Innovations Inc.

Connecticut Innovations (CI) is Connecticut’s strategic venture capital arm and is the leading source of financing and ongoing support for innovative, growing companies. CI provides venture capital and strategic guidance for early-stage technology companies, and connections to its well-established network of partners and professionals. For more information, visit www.ctinnovations.com.

Post your Video Testimonial on Instagram or our Facebook page using #sociallenderreview and win 10,000naira. *

Have you borrowed using Social Lender in the past?    You stand a chance to win 10,000naira cash with Social Lender by sharing your testimonial in the video testimonial Campaign.

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Social Lender is solving financial problems using Social Reputation Score

Social Lender has helped various people solve their financial problems through the micro-credit it provides based on Social Reputation. Here are tweets from some of the people who have been able to secure quick cash from Social Lender with their Social Reputation score. They were able to attend to one financial need or the other. Read more

Do you know that your Social Reputation Score determines your Credit Worthiness???

On Social Lender, Access to Micro Credit is simply based on Social Reputation. Social Lender leverages on your Social Reputation as collateral to offer micro-credit. Through your Social Reputation, A Social Reputation score is calculated and this determines if you are qualified to make a cash request. So basically the higher your Social Reputation Score the higher the amount you qualify for

Have you improved your Social Reputation Score???

 Don’t wait till you are in need of a loan before you improve your Social Reputation Score. With a qualifying Social Reputation Score, you can simply send an SMS to Social Lender to get cash in your account within 5 minutes. One of the ways to determine your social reputation is through your Friends, Family & Connections on the Social Lender Platform. Read more

Social Lender is Touching Lives

Social Lender is helping people live better lives by supporting them with small loans using their social reputation. Take a moment to view what people are saying about Social Lender as they talk about their experience.

“Social Lender helped me start a recharge card business” by Hallmar Chibuzor Paul

Read more

Have you used Social Lender in the past to obtain Microcredit???

Have you used Social Lender in the past to obtain Microcredit??? Then stand a chance to win N10, 000!!!

How to Participate:

• Make a video (60secs) of yourself, telling us how social lender helped you and why you think people should join Social Lender

• Post your video on any of our social media pages on or before 12 midnight on Sunday, the 28th of January, 2018

• 10 videos will be shortlisted, re-edited and reposted by 12 noon on Tuesday, 30th of January

• The shortlisted and reposted video with the most engagements (i.e. likes, shares and comments) by 12noon on the 6th of February, 2018 wins!!!

Please note:
– This competition is only open to past Users of SocialLender.
– The decision of Social Lender Team will be final.
– Social Lender reserves the right to use the submitted testimonials on our website and other publications.

Not Interested in the Prize? We invite you to submit your User Feedback all the same.

Access to Microcredit is now social!

Visit www.sociallenderng.com for more information.

Facebook: www.facebook.com/Sociallender
Twitter: www.twitter.com/Sociallenderng
Instagram: www.instagram.com/Sociallender

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.

Read more

#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