What is Social Lender?
Social Lender is a digital service that provides immediate access to formal financial services to those with little to no previous access.
How does it work?
Social Lender partners with service providers like banks, microfinance institutions, micro-insurance companies and agricultural input companies to offer facilities based on Social Reputation Scores. In ten minutes, t’s proprietary algorithm can perform a social audit of users based on their mobile, social media and other online activity. This digital fingerprint allows them to access credit, microinsurance organisations, farm inputs and other services. Members of their network are also able to act as social guarantors or referees for their activities.
Users can access Social Lender’s platform through the internet, SMS, USSD, mobile apps, APIs or partner bank ATMs. Social Lender ambassadors visit communities that do not have smartphones and help them access the platform.
What is the challenge? What is the solution?
More than 50% of Africans lack access to formal financial services. Most of these people are farmers, traders, artisans, young professionals, small business owners and students. Finance specialist Faith Adesemowo saw a need to address this challenge. Five years on from developing Social Lender, the platform has impacted the lives of more than 100,000 customers in Nigeria and South Africa