Lendsqr, a Nigerian fintech startup known for its loan management software, has recently expanded its operations into Kenya. This expansion comes with the introduction of an advanced loan processing platform designed to improve the efficiency of banks, microfinance institutions, and digital lenders in the country.
The move to Kenya aligns with Lendsqr’s mission to support financial institutions across Africa. The platform offers a wide range of features aimed at streamlining loan origination, management, credit decisioning, and data analytics. By incorporating advanced AI technology, the platform aims to make the lending process 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 utilizes AI to enhance underwriting efficiency, providing lenders with a level of speed and security that enhances their operations. This innovative approach is designed to increase lenders’ confidence in credit decisioning and enhance the overall customer experience.
Additionally, the platform seamlessly integrates with existing core banking and ERP systems, allowing lenders to create a tailored infrastructure to meet their specific requirements. In October 2024, Lendsqr launched a ₦1 billion on-lending initiative in Nigeria to support digital lenders in extending 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.
With its expansion into the Kenyan market, Lendsqr aims to replicate its success in Nigeria by offering a comprehensive suite of features that support the entire lending lifecycle. This includes loan origination, management, credit decisioning, data analytics, collection, and recovery. The platform’s integration of advanced AI capabilities allows lenders to incorporate videos into the loan origination process for faster and more secure underwriting.
Lendsqr’s expansion into Kenya reflects a broader trend in the African fintech industry, with companies like Flutterwave and Paystack rapidly expanding across the continent. These fintech firms are tailoring their solutions to meet local needs and integrate with existing financial systems to support local banking and microfinance ecosystems.
AI is playing a significant role in reshaping fintech in Africa, particularly in areas like fraud detection and personalized financial solutions. Lendsqr’s AI-powered video integration for underwriting exemplifies this trend, showcasing how African fintech companies are leveraging AI to enhance loan security and customer experience.
Overall, Lendsqr’s expansion into Kenya highlights the innovative and transformative role that African fintech companies are playing in reshaping financial systems and promoting financial inclusion across the continent.
