As the digital economy has grown over the years, customers’ needs have increased as well. More people want to be able to access quick and secure credit that matches their needs, conveniently. To keep up with this, lenders also need to innovate to ensure that customers always experience convenience whenever they need to borrow. At the forefront of innovating for this solution is Lendsqr, a Lending-as-a-Service platform that provides small to medium-sized digital lenders with cost-effective infrastructure and tools they need to build and scale their lending business.
Focused on Lendsqr’s goal to take the pain out of lending, we’re excited to announce that we have partnered with Lendsqr to provide lenders on their platform with an easier and more secure way to access customers’ financial statements and transaction data, with users’ permission, to make better lending decisions and offer personalized credit.
Empowering digital lenders with Mono's infrastructure
Leveraging on the Mono Connect product, Mono will enable lenders on the Lendsqr platform to access customers’ financial and identity data, and through Lendsqr’s integration with Mono APIs, lenders do not have to directly and independently integrate our APIs. They can collect authentic bank statements and transaction data from customers’ bank accounts, across over thirty (30) financial institutions in Nigeria covered by Mono, and also verify users’ identity and account ownership in minutes.
Usually, when a user applies for a loan, they are required to share their transaction history with lenders so they can determine their eligibility for the loan. Oftentimes, users do not have a credit history that lenders can assess to qualify them for loans. This becomes too much of a hassle for lenders, and for users who are unable to prove creditworthiness through these means.
With this partnership, Lendsqr will help lenders on their platform to easily and securely access their customers’ financial statements with their consent, make data-driven underwriting decisions, and offer more loans to even users who do not have a credit history, and would otherwise be unable to access loans and other forms of credit.
Speaking on the decision to partner with Mono on this endeavour, Lendsqr’s Product Manager, Malaika Ademola-Majekodunmi said, “Mono was an easy choice after Lendsqr has considered the myriads of data API providers; Mono wins handily on speed, quality, and cost-effectiveness.”
Using the Mono infrastructure made available by Lendsqr, digital lenders can also access verified income, identity, and transaction data directly from customers’ bank accounts in minutes without having to rely on data from credit bureaus where some users have none. This allows them to assess creditworthiness more accurately and offer faster and secure loans that are better personalized to each user’s needs. With this hassle out of the way, lenders can focus on building and scaling their business to reach more users.
Questions you might have about the Lendsqr-Mono partnership and answers to them
Questions you might have and answers to them
As a lender on Lendsqr, do I need to sign up on Mono to access customers’ transaction data?
No, you don’t need to sign up on Mono before you can access bank statements from customers. You only need to reach out to the Lendsqr team to enable this access for your mobile or web app.
Is it safe for borrowers to share their statements using Mono?
Yes, Mono is a secure channel for borrowers to share their bank statements; their identity and account ownership are verified before their statements are shared with the lender. Users’ login details are also secured by Mono's AES 256-bit encryption.
Is this available to all lenders on the Lendsqr platform?
Yes, every lender on the Lendsqr platform can access Mono Connect to retrieve customers’ statements and transaction data at an affordable fee. To get started, you can reach out to the Lendsqr team via email@example.com.
How many financial institutions are covered on Mono Connect?
There are over thirty (30) financial institutions currently available on Mono Connect.