Key questions this article answers:
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What infrastructure gaps do Nigerian lenders face when verifying borrowers' identity and assessing their creditworthiness?
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Between 2016 and 2023, NIMC (Nigeria’s national identity agency) registered an additional 85 million people with a national identity number. How can NIMC improve its services to enable lenders get a more robust picture of a borrower’s identity?
Earlier this year, I wrote a piece on trends to watch out for in Nigeria’s fintech landscape in 2023. In it, I highlighted ‘Buy Now Pay Later’ (BNPL) as one of the trends that will gain momentum this year. For context, buy-now-pay-later is a service that blends payment and credit by allowing consumers or businesses to pay for purchases over time rather than in one lump sum.
Events of the year have already started to align with my position. BNPL companies like CredPal announced partnerships with Bolt to let riders pay for
