Social Lender provides loans by analyzing your social media activities and reputation
Efforts to make financial services more accessible and affordable in Nigeria continue to gain momentum. Social lender, a Startup FinTech, is the latest to arrive with innovative solutions for Nigerians.
Social Lender is a loan solution that uses a client’s social reputation to determine their creditworthiness. Now this is where it gets interesting; the service uses the profiles, activities and reputation of users on social networks to develop credit scores.
– Social lender (@sociallenderng) May 22, 2018
There is a proprietary algorithm and software to rank the available social profiles according to several predefined parameters. The algorithm extracts information from the social media platform about the user (based on the access granted by the user) to generate a social reputation score. Each user receives a social reputation score as a percentage.
Thus, the loans are secured by the user’s social profile and network. The service then allows users to borrow from banks and other financial institutions based on their social reputation.
The Social Reputation Score is also reinforced by the use of a Social Garant while the Social Garant provides an electronic personal guarantee on the personality of the borrower or the transaction.
.@sociallenderng does not take collateral from people looking for loans. All they need is genuine data from you. Your social reputation score is your asset and your guarantee #Be all you can be is still @ THEBEAT999FM
– The catalyst® (@lanreolusola) May 5, 2018
It is a very interesting innovation.
Social Lender emerged with the belief that simple access to credit can be beneficial for society. The service aims to bridge the gap in immediate access to funds for people with limited access to formal credit.
Founded by Faith Adesemowo and Bade Adesemowo in 2015, Social Lender initially targeted Nigerian banks. “Sterling Bank is the first bank to integrate the product in Nigeria,” said co-founder Bade Adesemowo.
Did you know that the loan has become so easy that you can actually lend money with text messages (SMS)
To understand where the world of online loans is heading, we must first understand the complexity of its roots in the pre-online era. pic.twitter.com/XKMZwzCj5d
– Social lender (@sociallenderng) June 7, 2018
@sociallenderng So I was stranded to solve an urgent domestic problem, then I ran to sterlingsociallenderng who urgently bailed me out in less than 5 minutes. Never let the money embarrass you, they are there for you wild,#slreview
– REUBEN JOHN TAIWO (@ REUBENJOHNTAIW1) May 1, 2018
Currently, the service works directly with clients. Using multiple channels, including its website, mobile app, SMS, and USSD code, Social Lender can get loans to clients quickly.
The service has already seen impressive growth in Nigeria. As of February 2018, more than 15,000 users had signed up for the service. There are quite a few testimonials on the service on Twitter and on the company’s blog. Social Lender has also gone international; it now operates in South Africa, in partnership with ABSA Bank.
– Social lender (@sociallenderng) May 24, 2018
In May, the startup was one of three Nigerian companies selected to present The corporate shock, a global pitch competition for start-ups. Holding in Connecticut, US, in October, Social Lender will look to bolster its offerings with the $ 1.5 million up for grabs.
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