Click to watchLendsqr, a global Lending-as-a-Service (LaaS) platform, powering digital credit for banks, fintechs, and non-bank lenders, has announced a strategic partnership with CreditRegistry and CRC Credit Bureau to make loan reporting free and automated for lenders in Nigeria.
Credit reporting has always been the strongest pillar of responsible lending, but in practice, it has been one of the hardest things for lenders to do. From the additional cost of registration to the complexity of monthly reporting, to the technical challenge of integrating with multiple systems, many lenders have simply opted out. The result is a credit market where borrowers who default often face no consequences and can easily take out new loans elsewhere.
“In lending, accountability doesn’t happen by chance; it happens because lenders report consistently to the bureaus”, said Adedeji Olowe, CEO of Lendsqr. “But for too long, lenders have struggled with the cost and complexity of the process. By working hand in hand with CreditRegistry and CRC, we’ve taken those barriers away. Any lender on Lendsqr can now report automatically and keep borrowers accountable without lifting a finger.”
With this partnership, every licensed lender using the Lendsqr platform now gets direct access to CreditRegistry and CRC reporting at no extra cost. Reporting will also be fully automated through Lendsqr’s infrastructure, ensuring lenders stay compliant with the Central Bank of Nigeria and other regulatory requirements that every loan must be reported to at least 2 credit bureaus.
Why the Lendsqr and Nigerian credit bureau partnership matters for lenders
Microfinance banks, cooperatives, and money lenders make up a large part of Nigeria’s credit ecosystem, yet most operate without connecting to all the country’s credit bureaus. This has left gaps that bad borrowers exploit. By making credit bureau reporting simple and free, Lendsqr, CreditRegistry, and CRC are putting lenders back in control and strengthening the credit system for everyone.
Click to view“This partnership wouldn’t have been possible without the commitment of both credit bureaus,” Olowe added. “They have shown that putting the ecosystem first matters more than anything else, and that’s the kind of leadership the industry needs.”
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