Agent Banking in Nigeria, like everything in existence, has got its head and tail; its yin and yang; its pros and cons; its benefit and bane. The introduction of Agent Banking in Nigeria, positively revolutionizing banking services in Nigeria, especially lighting up rural areas with digitalization; has equally brought new challenges along with it.

Challenges like high transaction costs due to multiple intermediaries; long processes and inefficiency in dispute resolution due to multiple manual players; and lack of real-time settlement.

Not just that, financial Institutions (FIs) and customers alike are also faced with numerous challenges that require and seek sustainable solutions.

Then came digital lending. Digital lending is the process of offering loans that are applied for, disbursed, and managed through digital channels, in which lenders use digitized data to inform credit decisions and build intelligent customer engagement.

Already, the market for lending is changing across the globe. A new category of digital lenders has emerged that tap into increasingly digitized and accessible customer data, advances in analytics and machine learning, and lower-cost digital channels to design and remotely deliver digital products in seconds, to an increasingly connected clientele.

These challenges served as the motivation for the creation of a product-driven technology company like Digital Asterix Limited, Necessity, as they say is the mother of invention. 

Digital Asterix Limited, inventors of AsterixPay™ (a digital payment platform catering to mobile and fixed agent networks), have again responded to the digital revolution in the financial industry, this time creating LendGrid.

Lendgrid is a digital platform powered by a robust loan engine that has an automated credit scoring, appraisal and assessment system, aggregating financial institutions in a scalable marketplace to bring them the desired customers to consume their competitive credit products. The application will improve the process of disbursing loans to customers while also reducing the cost of loan application processes.

LendGrid is a suite of integrated core solutions designed to achieve end-to-end automation of loan operations while exposing core services to end customers through electronic channels, including Web, Mobile applications, and independent agents. 

Lendgrid is delivered as a pay-as-you-use service with zero licensing fees. Financial institutions also enjoy the flexibility and comfort of accessing a remotely hosted application on reliable and always available cloud infrastructure.

Benefits

Digital Asterix Limited, while brewing the stellar fintech super-app, LendGrid, already got about 5 financial institutions signed up before the product official launch.

In 2024, when LendGrid piloted with a few lending institutions, did an average of N600m ($400k) monthly closing at N7B ($4.6m) by EOY 2024, with a total of 30,500 loans disbursed at about 500 loans daily. It currently has about 20 lending institutions (Microfinance Banks/Institutions, Finance Houses and organizations with lending licenses alike) securely disbursing about N1.5B ($1m) monthly.

LendGrid has a very beautiful and snazzy user-friendly interface for easy navigation. Client institutions can create her vertical products based on her credit appetite. Lendgrid provides competitive rates and flexible terms. LendGrid also provides educational resources to help users make informed decisions. It has seamless integration with banks’ core banking systems and 3rd-party applications. 

While Asterixpay provides real-time settlement for agents to receive immediate payment for cash-out transactions, it also promotes efficient dispute resolution via automated processes that reduce customer losses and chargebacks. Asterixpay makes room for a wide array of financial services which can be driven at agent locations, enhancing financial inclusion.

“There are digital lending platforms, and there is LendGrid”; said one of the helpdesk representatives at Digital Asterix Limited. He continued to say, “with the policies and ethics we are made to inculcate here, our customers can only have one reaction – reviews. They are the focus of every improvement”.

Adelana Adewusi

CEO/Co-Founder, Digital Asterix Limited

With LendGrid, FIs can ensure digital lending practices, comply with relevant regulations, and prioritize data protection and security measures. Lendgrid also provides platforms for FIs to educate customers on digital lending, benefits, risks, and best practices. The CEO and Co-Founder, Adelana Adewusi was emphatic with his niche: We are a product-driven Fintech platforms provider.

LendGrid is that solution that keeps the banking industry active despite the revolution.

For enquiry, kindly send a mail to info@asterixpay.com