There may be relief and more simplicity in the fintech environment for loan seekers following the initiative of fintech startup Social Lender’s step in supplying commercial banks with data of loan applicants for end-to-end transaction.
Unlike most fintech startup which provides loans for salary earners that have consistent monthly financial income, social leaner is expanding the sector by giving room to other beneficiaries by providing data of loan applicants’ for banks which has been contentious issue in the past.
According to the Co-founder of the initiative, Oyebade Adesemowo the problem and restriction of some certain applicants in loan applications propelled them to set up Social lender.
He said the aim of the new startup is to make customers enjoy financial services in a new dimension that will stir the sector forward.
He said the initiative engineered towards full penetration into the public domain will solve some barrier in fintech and encourage more participants.
The uniqueness of the idea according to him is to further serve as a means of transfer of data for commercial banks for business engagement.
“What we do is license our technology to banks to be able to access the market that a lot of people are not lending to, most of the banks are still doing more of the salary earners community which is more of the people that already earning salary, if you do not have consistent income coming every month it’s going to be difficult for you to access loan.”