Contrary to the cultural and religious belief that obtaining loan through any means is a taboo, the Chief Technology Officer of Social Lender, Bade Adesemowo has debunked that belief, saying that there is nothing wrong in getting credit through any means to finance personal or professional projects.
Adesemowo said that what should be of concern to those seeking credit from any means is the ability to pay back the loan.
He further explained that African tradition and religion are held in utmost reverence; as such, “Africans and indeed Nigerians had traditional systems of banking and accessing credit before the current modern banking disruption occurred.
“Our progenitors saved in groups and traded by barter which was largely driven by trust and integrity. Loans were offered and accepted based on reputation, and banking at that time was communal.”
Adesemowo pointed that disruption in the banking sector inadvertently excluded majority of the population from the financial space.
He therefore called for adequate financial literacy among the people as there are many misconceptions around loans and accessing loans.
“We have held financial literacy sessions in town halls and market places. This has helped to ease our penetration into low-income communities and enabled Social Lender to capture these individuals in conjunction with our partners,” he said.