Banks, Interswitch Partner to Boost Retail Lending

• Banks, Interswitch Partner to Boost Retail Lending

Interswitch has partnered six commercial banks and three other firms to address the credit access gap in the underserved segment of the Nigerian population.

This was possible through the launch of an online platform called Interswitch Lending Services.

Launched in Lagos on Thursday, the platform would see individuals and businesses in the underserved segment gain access to loans in a seamless manner.

The banks on the platform are: First Bank of Nigeria Limited, United Bank for Africa Plc, Heritage Bank, Unity Bank Plc, Fidelity Bank Plc, Ecobank Nigeria.

The three other lending partners are: Kwikcash, Paylater and Ferratum.e

The Divisional Chief Executive Officer, Interswitch, Akeem Lawal, said the new product 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.”

He said, “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.”

Lawal added, “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.”