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First Bank, UBA, Fidelity Bank, Ecobank, Others Partner Interswitch

First Bank of Nigeria Limited, United Bank for Africa Plc, Heritage Bank, Unity Bank Plc, Fidelity Bank Plc, Ecobank Nigeria and three other firms; Kwikcash, Paylater and Ferratum.e have partnered Interswitch to launch Interswitch Lending Services, an online platform that see individuals and businesses in the underserved segment gain access to loans in a seamless manner.

Speaking during the launch recently, Mr. Akeem Lawal, Divisional Chief Executive Officer of Interswitch said that: “The new product is focused on the ‘missing middle’ by providing a holistic proprietary credit analysis, scoring and management technology which bank and non-bank credit providers can leverage to provide non-collaterised micro and nano-loans to individuals and the Small and Medium-scale Enterprises across various channels.”

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“It bridges the gaps currently existing in Nigeria in terms of access to credit between deserving but underserved individuals and the SMEs on one hand, and credit providers on the other.”

“This is done by means of reliable lending and de-risking engines based on customers’ transaction history and digital footprints.”

“What we have basically done is to partner key lending players in the industry to help accelerate the growth of retail lending to the underserved population in Nigeria through reliable credit models.”