Nigerian fintech startup Lendsqr, a global provider of loan management software for banks, microfinance institutions (MFIs), and digital lenders, has launched a NGN1 billion (US$600,000) on-lending initiative aimed at bolstering the capacity of Nigerian lenders to extend credit to their customers.
Founded in 2018, Lendsqr empowers lenders to launch their lending services, seamlessly connect with borrowers at scale, and make smarter decisions, offering streamlined loan applications on mobile and web apps, powerful credit scoring, and automated collections.
With this new initiative, Lendsqr is setting up a capital pool of up to NGN1 billion targeted at lenders with State Moneylender or Cooperative licenses, giving them the much-needed access to capital that can drive sustainable growth and expansion.
“For a long time, we believed that providing top-tier lending technology was enough to help lenders scale,” said Adedeji Olowe, CEO of Lendsqr. “But technology alone cannot scale a loan business without adequate capital. That’s why we decided to go a step further and solve this critical need.”
The on-lending model is designed to support digital lenders who often face challenges accessing loan capital, allowing them to access credit at a reasonable rate. Through this initiative, Lendsqr aims to bridge the gap between technology and capital, ensuring lenders can meet the demand for loans while remaining competitive.
