Category Archives: Piscalux

Why Nigerian banks will never win the consumer credit game

Consumer lending is basically loans to  individuals, like me and you, to purchase goods and services. Of the forms of consumer lending, credit cards are perhaps the most popular.  Yet, if you’re a Nigerian reading this, that last sentence is not very relatable, mostly because not only is consumer lending uncommon in Nigeria, credit card […]

Nigeria’s problems will be solved by access to credit

Access to credit has historically been difficult in Nigeria. This is because, for years, big banks were the sole providers of financial services and those banks didn’t care too much for retail banking.  Between thinking about the risk profile of individuals and smaller business players and the absence of real disincentives against failing to repay […]

Nigeria is Africa’s open banking pioneer

One of the predictions for Nigeria’s banking sector in 2021 was that Open Banking would finally make some headway. It was an important prediction when you consider that for years, quite a lot of global industry players have said that open banking is the future.  Open banking is the idea that established banks should share […]

Despite stringent regulations on crypto, the show will go on

This week, two Nigerian banks began blocking the accounts of individuals trading crypto and the accounts of cryptocurrency exchanges. It followed regulation from the Central Bank of Nigeria banning the activity of cryptocurrency exchanges in the country. It sent crypto exchanges like BuyCoins, Luno, Quidax, etc., which have become immensely popular in Nigeria, into a […]

Using Open APIs To Drive Financial Inclusion via Credit Scoring Built on Telecoms Data

Adedeji Olowe, Open Banking Nigeria, Lagos, Nigeria James Kunle Olorundare, Nigerian Communications Commission (NCC), Abuja, Nigeria Temitope Phillips, Lendsqr, Lagos, Nigeria Financial exclusion remains a significant challenge in developing economies. It has been shown that access to credit facilities is a strong predictor of financial inclusion. Credit reporting and scoring remain effective tools for both […]