The challenges in Africa’s monetary sector creates chance for many opportunities.
When enterprises see it hard to accept payments online, people hurt under ridiculous bank charges, but fintech enterprises have arrive to the solution
Now, financial inclusion have been doing great considerably from previous years. Let’s take for an instance Nigeria’s banked adult population has increased from 36 million in 2016 to 47.7 million in 2020. And as of March 13, 2022, the Nigeria Inter-Bank Settlement System (NIBSS) held the number of Nigerian bank account holders at 53 million.
Nervertheless, the size of Nigeria’s financial inclusion growth has orgiginated from savings and payments, leaving a considerable gap in the credit and insurance space.
Adedeji Olowe, Open Banking Nigeria Trustee, insures that opening credit access is a surer way of increasing financial inclusion in Africa. However, he is currently creating Lendsqr, an organisation that would build large-scale lending infrastructure in Africa. here he quoted:
“I believe that without an evolving middle-class, we may not come out of our national morass. But without credit to help people stand up, the middle-class wouldn’t emerge.”
With over two years of experience in banking, credit, technology, and venture capital, Olowe switched into lending in his two-year (2006 – 2008) stint at First City Monument Bank (FCMB), one of Nigeria’s largest banks, where he built a lending system.
Being on the panel of Sparkle and Paystack, he has been neck-deep in Nigeria’s financial space, having previously been the chairman of TeamApt.
Olowe is currently building a reputation as Africa’s Open Banking leader, and our Senior Reporter, Oluwanifemi, went behind the scenes of his enviable LinkedIn profile. However, creating any lending solution is difficult, but what the fintech business magnate has planned with Lendsqr is a unique one entirely.
SOLUTIONS:To solve the problems with lending, Lendsqr supplies small to medium-sized lenders with a clear technology and data stack to fund to customers at scale using the best of breed decision engine, integration to payments systems, and data for good decisions.
An excellent way to explain the startup’s value offering would be Canadian tech giant, Shopify. This platform allows retailers to build and manage their online stores. If you have anything to sell online, Shopify takes the difficulties of creating your website and let you customise the platform to attract people.