Social Loan Society expands into Nigeria

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The Social Loan Company (TSLC), a first digital lender founded in Bangladesh, announcement On Monday (October 31) it launches its platform in Africa for the first time thanks to two partnerships in Nigeria.

The African expansion will see TSLC apply its artificial intelligence (AI) and machine learning (ML) approach to lending in Nigeria.

In a press release announcing the expansion, TSLC said Nigeria had seen a 54% increase in FinTech usage among consumers, which it calls the “key enabler of financial inclusion in the region. “.

Related: FinTechs solve the financial inclusion challenge in Nigeria

Commenting on the launch, Deepak H. Saluja, Co-Founder and Group CEO at TSLC, said:

“Financial exclusion has a negative impact on the lives of more than 50% of adults in Africa. Despite the massive use of FinTech, financial inclusion remains a concern for Africans. As a FinTech innovator, we aim to provide affordable and transparent access to credit and other basic financial services that improve the financial well-being of digital natives.

“We aim to achieve this in Nigeria through our unique AI/ML powered neo-banking platform and by partnering with leading banking and non-banking institutions in the region.”

Alongside him, Moyen Uddin, Deputy Managing Director, Dhaka Bank Limited, Bangladesh, added. “We believe that affordable access to financial services is essential to improving the financial well-being of our consumers.”

He said that in Bangladesh, “we have achieved amazing success, including a 40% monthly increase in MAU (Monthly Active User), serving millions of Bangladeshi Gen Z and Millennials in a phase pilot, and we are about to launch it publicly in a grand ceremony with regulatory approval.

TSLC also operates in India under the CASHe brand. The company states that its ultimate goal is to serve the financially underserved around the world. Following its launch in Nigeria, TSLC plans to expand the platform across the country and region through 2023.

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