In Africa, most firms and individuals face credit challenges because traditional banks are more inclined on lending funds to governments, large firms, and high net-worth individuals. In Nigeria, Lendsqr wants to address that issue by decentralizing credit access for individuals. 

In Nigeria, fintech startup Lendsqr wants to solve credit problems. With its eponymous cloud platform, the startup founded in 2018 by Adedeji Olowe (photo) facilitates loans to small firms and middle-class individuals. 

“At Lendsqr, we’re on a mission to simplify the lending process with an easy, but sophisticated technology that can guarantee an awesome lending experience. We strongly believe that our technology will solve the credit gap in developing countries and improve the lives of millions,” the startup promises. 

With its cloud platform, it automates the loan process, allowing lenders to personalize, manage and optimize their offers. To access its services, borrowers must register and confirm their identities using official documents. 

Lendsqr is currently more focused on small firms. Its ambition is to help them get access to the credit they need for their development. It has no mobile apps but, it is accessible through a USSD code that allows users, those living in remote areas notably, to easily request loans. In March 2022, the startup raised US$1 million to support its growth. 

Adoni Conrad Quenum