Building the scaffolding for a Nigerian credit boom, with Adedeji Olowe (Lendsqr)

How to Lend Money to Strangers

Brendan le Grange

Credit, Fintech, Management, Lending, Banking, Business, Careers

5 • 2.6K Ratings

🗓️ 19 October 2023

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

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Summary

Nigeria is Africa's biggest economy. Or maybe not quite, economic variables can be hard to measure and somewhat fickle, but whatever way you slice this cake, it is in the top three with Egypt and South Africa. Fintech has played a growing role in that economy, but until now, almost none of the 'fin' that the 'tech' has been modernising was lending-related.

"I knew that if Nigeria was going to grow and the middle class was going to emerge, there has to be a credit culture, right? And I knew that one person wouldn't be able to do it... so I want to be that platform that makes the creation and discovery of credit significantly easy, cheap and very secure."

Adedeji is a Top Leadership Voice on LinkedIn, follow him there for his regular insights at https://www.linkedin.com/in/adedejiolowe/ Check out his work at Lendsqr (https://www.linkedin.com/company/lendsqr/) and Open Banking Nigeria (https://www.linkedin.com/company/openbankingnigeria/) while you're there

But Lendsqr's real home on the internet is https://lendsqr.com/ - go see how they've 'cracked the lending code'

I am on LinkedIn, of course, so feel free to send me a connection request there: https://www.linkedin.com/in/brendanlegrange

My action-adventure novels are on Amazon, some versions even for free, and my work with ConfirmU and our gamified psychometric scores is at https://confirmu.com/ and on episode 24 of this very show https://www.howtolendmoneytostrangers.show/episodes/episode-24

If you have any feedback or questions, or if you would like to participate in the show, please feel free to reach out to me via the contact page on this site.

Keep well, Brendan

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Transcript

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0:00.0	I think the best metaphor would be the White White West is the place of immense potential.
0:07.6	Do you have all the taste to overcome this?
0:09.6	Then you're going to have access to every good thing.
0:11.6	If you don't, you're going to be decimated.
0:13.8	Why is it that you don't have a land that's just going there and just start giving those to everybody?
0:17.6	I think the first thing you notice about Africa and the dream particular is the lack of consequence.
0:23.0	In the days of the American frontier, even the late days, the economy of the Wild Wild
0:32.2	West was still developing and defined by resource extraction.
0:36.9	Now it's a center of global tech innovation, owed to have had an ancestor that bought
0:41.8	a little plot of land in the Bay Area back in those days.
0:45.1	Well, perhaps you can be that astute ancestor for someone else, because you're late, but
0:50.4	not too late to jump on the Nigeria bandwagon.
0:54.0	Home to 200 million people and less and less every day, but an economy that can be described
0:59.6	as still developing, defined by resource extraction, and more than a little like the Wild Wild West.
1:05.9	Welcome to How to Land Money to Strangers, with Brendan Lagrange.
1:20.4	Adedji Aloway, founder and CEO at Lensquare, and trustee at Open Banking Nigeria.
1:29.7	Welcome to the show.
1:31.2	Thanks a lot, Brendan.
1:32.2	Adedji, you walked the path from electrical engineering to traditional banking to fintech,
1:37.6	to founder your own venture capital.
1:40.4	So if we talk about your experience, there really is a lot to summarize, but let's try and
1:45.6	do that first before we get into the real discussion.
	...

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