Lendsqr Breaks Down Barriers to Credit Reporting for Nigerian Digital Lenders
Lendsqr, a Nigerian Lending-as-a-Service (LaaS) platform empowering banks, fintechs, and other lenders, is revolutionizing credit reporting in Nigeria. By partnering with CreditRegistry and CRC Credit Bureau, two of the country’s leading credit bureaus, Lendsqr is automating and eliminating the cost of loan reporting for its digital lending clients.
# Streamlining Credit Reporting and Boosting Compliance
This strategic alliance enables every licensed lender utilizing Lendsqr’s platform to seamlessly report loan data directly to both credit bureaus without incurring additional expenses. Lendsqr’s infrastructure fully automates the reporting process, ensuring strict adherence to Central Bank of Nigeria (CBN) regulations mandating that all loans be reported to a minimum of two credit bureaus. This initiative directly addresses a significant challenge within Nigeria’s credit ecosystem: the historically high costs and complexities associated with loan data reporting, which have deterred many lenders from participating.
Lendsqr’s move aims to close a critical loophole that has contributed to Nigeria’s high loan default rates. The previous system allowed defaulters to operate with impunity, easily obtaining new loans from lenders unaware of their past repayment issues. By removing the financial and logistical hurdles to credit reporting, Lendsqr is fostering a more transparent and accountable lending environment, ultimately benefiting both lenders and borrowers in the Nigerian financial landscape.
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