Behind the promises of easy loans and quick cash lies a hidden market no one talks about, one where billions go untracked, borrowers game the system, and lenders operate in the dark.
And that’s why, in this episode of The Coffee Table, Adedeji Olowe, Founder and CEO of Lendsqr, will be revealing everything no one has ever told you about lending in Nigeria.
Adedeji Olowe, Founder and CEO of Lendsqr, revealed that 90% of all loans in Nigeria are never reported to a credit bureau. According to Olowe, this creates a situation where lenders operate in isolation, without shared data on borrowers’ repayment histories.
Aside from that, Olowe disclosed that some borrowers report their debit cards as lost immediately after taking a loan, while some borrow money to fund gambling rather than productive business ventures.
To address these challenges, Olowe proposes that if a lender fails to report a loan to a credit bureau, they should lose the legal right to collect it. He believes this would encourage transparency, improve accountability and ultimately help Nigeria develop a stronger and more stable middle-class economy.
Watch the full episode of The Coffee Table on Nairametrics TV on YouTube to get an insightful exploration into Olowe’s vision for a credit-led Nigeria.
