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On Thursday, March 10, 2022, at the Four Points by Sheraton, in Victoria’s Island, CARMACHAIN hosted a roundtable of top digital lenders. This roundtable meeting was convened to discuss the challenges of accessing consumer data for effective lending to the underbanked in Nigeria. The meeting gave lenders the opportunity to exchange ideas while also enabling CARMACHAIN to gain a better understanding of the data needs of digital lenders.

The event commenced with a brief statement from the MD/CEO of KwikPay Credit and President of the Money Lenders Association, Mr Gbemi Adelekan, in which he shared his perspectives on the value of accessing both traditional and alternative data sets in order to have a more balanced view of borrowers. Also attending were representatives from digital lenders like Branch, Aella, Credpal, QuickCheck & Klump.

Lenders communicated their challenges in access to credit data, especially in offering credit to the underbanked. These challenges can be summarized as follows:

1. Access to multiple sources of KYC data to verify borrowers, especially to combat identity theft.

2. Access to blacklist data, default & delayed repayment data.

3. Access to credit history data from traditional & digital lenders to reduce loan stacking, recent application history & loan enquiries.

4. Access to address verification/location data is critical as it enables lenders to track borrowers better

The lenders agreed to sign an MOU with CARMACHAIN and to actively work on solutions to these challenges. Going forward, CARMACHAIN, in partnership with these & more contributors like digital lenders & payment platforms will offer:

1. Real-time access to credit data exchange among lenders starting with blacklist data & loan application/enquiry history.

2. Real-time access to alternative data sets (telco, utility, rental, e-commerce, pension, mobile money, etc.) to assist first-time borrowers/underserved customers to get affordable access to credit.

3. Data points in a simplified and structured format.

4. An additional layer for analysing data points from multiple sources.

We will be hosting more roundtables for lenders, data contributors & fintechs to leverage our technology & expertise in improving financial inclusion in Africa.

Interested in information on how you can leverage alternative credit data for your business? Contact our co-founder, Femi Oluyide through