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Social Lender Pledges Trust, Credit in Driving Financial Inclusion for Unbanked Population

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Faith Adesemowo, co-founder and CEO, Social Lender, has said that the company,  a lending solution platform, is committed to building a community of trust and credit to drive financial inclusion for the un-banked and under-banked.

Adesemowo maintained that Social Lender helps financial institutions to extend formal credit not to only salary earners but also to young professionals, small business owners, market women, entrepreneurs and students to leverage on their social reputation.

She, however, emphasized that the principles of lending is still the same across all platforms, adding that digital lending platforms are only “here to enable traditional lending to run more smoothly, efficiently and bring them to the space they don’t typically operate in”.

According to her, Social Lender does not focus on only on users with internet and smart phones, but also on the community of the individuals.

“Social Lender is not a lender but a platform that enables lenders target demography or segment of the market. We run a co-label and white-label partnerships with lenders and financial institutions,” she said.

She further explained the social reputation algorithm behind Social Lender, saying it is enough to guarantee willingness and ability to pay back loans.

Adesemowo said that the “social reputation score” has proven over the years to be a strong tool to ascertain willingness to repay loans.

“It takes into account the users’ community, engagement, network and several other indicators both online and offline. This is dependent on the data the user gives us permission to.

“The solution collects this data and processes it to give the user a social reputation score. It’s an artificial intelligence-based solution that gives users’ ability and willingness to repay small loans under a particular ticket size.”

She added that the ability to repay larger loans is a slightly different parametre, which technology can only do by reviewing transaction history of the user. The social reputation score focuses on “trust” or you could say “willingness to repay”.

“We have an end-to-end lending platform that can review users’ transaction history with some of our partner banks and partner financial institutions. This feeds into the partner specific business rules for lending specific amounts.  I should emphasize however that social reputation score is the main asset of Social Lender,” she emphasized.

She noted that open APIs and blockchain technology would afford lenders the opportunity to enjoy more services when using any lending platform.

“With Open APIs, more financial institutions will have access to data that was previously sited in silos that will help expand the space. This is happening gradually. We hope for a similar regulation to enforce financial institutions to share more data over time”, she concluded.

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Industry Heavy Weights to Attend BoICT Awards @ 10

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Board and management of Communication Week Media Limited, publishers of Nigeria CommunicationsWeek, delightful announced that more than 130 policy and decision makers in the ICT, financial institutions and financial technology spaces have confirmed their attendance at this year’s Beacon of ICT Distinguished Lecture/Awards Series (BoICT).

 

Beacon of ICT Distinguished Lecture/Awards Series, widely regarded as the most prestigious annual event available in the ICT industry in Nigeria is in its tenth edition. The event will hold on Saturday, April 27, 2019 in Lagos.

 

The Distinguished Lecture is aimed at charting the way forward for the country’s ICT sector while the award ceremony reward best practices and recognize outstanding contributions to the growth of the sector.

 

The theme of this year’s celebration is “Telcos and Banks Partnership to Drive Financial Inclusion” and will examine efforts to empower Nigerians to boost financial growth and development.

 

Ken Nwogbo, CEO, Communication Week Media Ltd, organisers of the BoICT Distinguished Lecture/Awards Series, said that the lecture will be delivered by Prof. Umaru Danbatta, executive vice chairman, Nigerian Communications Commission (NCC).

 

Danbatta, an exceptional public servant and one of the most sought after speakers within Nigeria and abroad will join the list of distinguished speakers at the event in the past like; Dr. Isa Ali Ibrahim Pantami, director general, National Information Technology Development Agency, (NITDA); John Obaro, MD/CEO, SystemSpecs Ltd; and Femi Adeoti, managing director/CEO, Africa Operations of Inlaks.

 

Nwogbo, also said that the event will be chaired by Engr. Gbenga Adebayo, chairman, Association of Licensed Telecom Operators of Nigeria (ALTON), an industry association for all Telecommunications Operators in Nigeria.

 

Adebayo, described as ‘Telecom Wizard’ by City People Magazine is also chairman and group chief executive officer, Communication Network Support Services Limited and CNSSL Contact Centre Limited, a leading business process outsource company in telecom network engineering and contact centre operations across Nigeria.

 

He is also president and founder of African Broadband Limited, owners of Royal FM, Royal Television Service and Royal Times of Nigeria Newspapers.

 

 

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Air Peace Plans to Deploy Boeing 777 Aircraft For Domestic Operations

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Air Peace is set to deploy its wide-body Boeing 777 aircraft for its domestic operations on the Port Harcourt-Abuja and Abuja-Port Harcourt routes on Easter Friday and Monday.

Air Peace recently acquired four Boeing 777 aircraft for its long-haul operations to Sharjah, Dubai, Johannesburg, London, Houston, Guangzhou and Mumbai.

Three of the wide-body aircraft have so far been delivered to the airline in readiness for its soon-to-start international operations.

Spokesman for the airline, Mr. Chris Iwarah said the carrier decided to deploy its Boeing 777 aircraft at Easter to “give Nigerians and the travelling public a taste of the luxury to expect on our international routes starting soon.

The deployment of our beautiful big birds, the Boeing 777 on our domestic routes this Easter begins with our Port Harcourt-Abuja and Abuja-Port Harcourt services on Easter Friday and Monday.

“Although our decision to deploy our wide-body aircraft on the domestic routes has huge financial implications for us, we are pleased to honour our pledge never to spare anything in giving our esteemed customers an exceptional feel of air travel experience.

“In the next few days, we will be announcing a firm date for the commencement of our international operations. We plan to operate long-haul flight services to Sharjah, Dubai, Johannesburg,  London, Houston, Guangzhou and Mumbai.

“We are set and ready to give Nigerians, Africans and the flying public a reliable alternative on our chosen international routes. But we are pleased to give our loyal customers on the domestic routes a foretaste of our long-haul offering. It sure will be a memorable experience starting with our Port Harcourt-Abuja and Abuja-Port Harcourt services on Easter Friday and Monday.”

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Property Experts Task FG on Practicable Housing Policy, Others

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Miss Chioma Oruh receives her prize from Idowu Bakare, Director of Locke Homes Ltd.
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Operators in the Nigerian real estate development industry, say that there is a need to look at the sources of financing construction of housing to make life meaningful for Nigerians and also make housing affordable for all.

Director of Locke Homes Ltd, Idowu Bakare stated this on Tuesday while presenting the keys to a 3-bedroom flat at the Gold Estate, Ayobo, Ipaja, Lagos to Miss Chioma Joy Oruh who emerged winner in the Win-A-Home-Today lottery organized by the Home Lottery Limited in conjunction with Locke Homes and MTN.

He said the lack of affordable mortgage facilities is a big problem confronting housing scheme in the country. “People haven’t been able to afford the deposits required to secure a mortgage and, put simply, if people can’t buy, builders can’t build.

“That there’s a need for more affordable housing in Nigeria is beyond question. Government needs to ensure new schemes are implemented swiftly and effectively so that as many developers as possible are up and running with them at the earliest opportunity,” he said.

Also speaking at the presentation, Oladayo Oyelaja, who is the Lead advocate for DreamView Enterprise; the activation agency for the Home Lottery Ltd, operators of ‘Win A Home today’ Lottery, said the company is determined to give out more houses through the lottery scheme which is going to be a monthly affair.

According to him, the initiative is strategically designed to advance and compliment government’s target of achieving housing for all citizenry. He said winners are expected every month and everybody can be part of the exercise by just texting “Home’ to 718 on their MTN line and this SMS cost 250naira for a single entry.

He said the procedure for picking eventual winners is strictly monitored to ensure the transparency of the exercise, Speaking further, Oyelaja said regulatory agencies like the Consumer Protection Council, Lagos state lottery board as well as other independent bodies are involved during the draws.

According to him, approval was sought from the Consumer’s Protection Council and also Nigerian Lottery Commission. “You can’t just put up all these together, there are steps and there are procedures to ensure that all the checks and balances are right,” he said.

Director of Locke Homes Ltd, Idowu Bakare in his address said home ownership in Nigeria is incredibly hard. He added that the promo gives those who have no option at all some glimmer of hope.

“We are looking at being a part of the solution to assist the government mitigate housing problems for Nigerians,” he stated.

He said the lack of affordable mortgage availability has been a big problem confronting affordable housing scheme in the country. “People haven’t been able to afford the deposits required to secure a mortgage and, put simply, if people can’t buy, builders can’t build.

“That there’s a need for more affordable housing in Nigeria is beyond question. Government needs to ensure new schemes are implemented swiftly and effectively so that as many developers as possible are up and running with them at the earliest opportunity,” he said.

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