- Lendsqr, a Nigerian fintech startup specialising in loan management software, has expanded its operations into Kenya, introducing an advanced loan processing platform aimed at enhancing the efficiency of banks, microfinance institutions, and digital lenders.
- This move aligns with Lendsqr's ongoing efforts to support financial institutions across Africa.
- The platform offers a suite of features to streamline loan origination, management, credit decisioning, and even data analytics. Additionally, it incorporates advanced AI technology to support the entire lending lifecycle, making processes faster, safer, and more efficient.
One of the standout features of Lendsqr's platform is its unique integration of video into the loan origination process. This feature leverages AI to make underwriting more efficient, providing a level of speed and security that enhances lenders' operations.
This innovative approach is designed to provide lenders with greater confidence in credit decisioning and improve the overall customer experience.The platform integrates seamlessly with existing core banking and ERP systems, enabling lenders to create an infrastructure tailored to their specific requirements.
In October 2024, Lendsqr launched a ₦1 billion on-lending initiative in Nigeria to bolster digital lenders' capacity to extend credit to their customers. This initiative provides a capital pool for lenders with State Moneylender or Cooperative licenses, enabling them to access sustainable capital for growth and expansion.
By entering the Kenyan market, Lendsqr aims to replicate its success in Nigeria, offering a comprehensive suite of features that support the entire lending lifecycle, including loan origination, management, credit decisioning, data analytics, collection, and recovery. Notably, the platform integrates advanced AI capabilities, allowing lenders to incorporate videos into the loan origination process for faster and more secure underwriting.
Like Lendsqr's launch in Kenya, several fintech firms, including Flutterwave and Paystack, have rapidly expanded their reach across African countries, tapping into new markets with solutions tailored to local needs. Lendsqr's platform, designed to integrate with local financial systems, aligns with this trend of fintech companies tailoring services to support local banking and microfinance ecosystems.
AI is reshaping fintech in Africa, such as with fraud detection and personalised financial solutions. Lendsqr’s AI-powered video integration for underwriting is a prime example of this trend, showcasing how African fintechs are using AI to improve loan security and customer experience.
Evaluating Lendsqr's Kenyan expansion, we see a consistent theme: African fintechs are innovating and expanding across the continent, each playing a role in transforming financial systems and boosting financial inclusion.
