90% of Nigerian loans unreported to credit bureaus, Lendsqr CEO reveals
Lendsqr CEO Adedeji Olowe disclosed that 90% of Nigeria's loans never reach credit bureaus, creating isolated lending environments where borrowers game the system. Lenders lack shared repayment data, enabling practices like reporting debit cards lost after loans and using funds for gambling instead of business. Olowe proposes revoking lenders' collection rights if they fail to report loans, aiming to improve transparency and build a stronger middle class.