Lendsqr, a Nigerian fintech company focused on supporting digital lenders, has recently expanded its operations to Kenya, unveiling a platform specifically designed to enhance loan origination, management, and credit decisioning processes. This move aligns with its mission to empower financial institutions across Africa, providing them with tools to improve efficiency and security throughout the lending lifecycle.
By integrating AI technology, Lendsqr’s platform enables faster and more secure lending processes. It includes features such as data analytics and even AI-powered video underwriting, which optimises the loan approval workflow by allowing remote identity verification and fraud prevention measures. The use of video in the loan origination process is a notable innovation, giving lenders a new level of oversight in evaluating loan applications.
This expansion into Kenya is not Lendsqr’s first strategic move to strengthen Africa’s digital lending ecosystem. Just last month, the Nigerian FIntech introduced a ₦1 billion ($1.3 million) working capital facility aimed at Nigerian lending businesses.
This initiative allows lending companies to extend more credit to their customers by tapping into an overdraft facility with a favourable interest rate of 4% monthly on used portions only. Notable clients, such as Kredi and Snapcash, benefit from this fund, which helps them maintain liquidity and scale their lending capacity while reducing financial strain.
With Kenya’s estimated $1.1 billion credit gap for MSMEs (Micro, Small, and Medium Enterprises), Lendsqr’s entry into the Kenyan market addresses a crucial need.
Many Kenyan businesses still lack access to adequate credit, a challenge that Lendsqr aims to tackle by equipping local lenders with scalable, technology-driven solutions. The platform’s advanced features, like NIN verification and statement analysis, further support Kenyan lenders in mitigating risks and maintaining compliance in a regulated environment.
This expansion also reflects a broader trend of fintech companies seeking to transform Africa’s financial landscape by enhancing the availability and quality of financial services.
Lendsqr’s Kenya expansion highlights the company’s dedication to facilitating financial inclusion in Africa. The move allows it to serve a wider network of lenders and borrowers while strengthening its presence in one of Africa’s fastest-growing fintech markets.
