How to use myBankStatement with Lendsqr for credit scoring
Lenders require various data points to make informed lending decisions, including a borrower’s bank transaction history. Whether it be an individual seeking a personal loan or a small business owner seeking an SME loan.
The goal is to understand an individual’s cash flow and overall financial capacity. Bank statements ideally offer the most granular data for this assessment. However, due to this information’s highly sensitive and private nature, acquiring it can be a tough nut to crack. Luckily, this is where bank statement providers come in to save the day.
Today, the leading statement providers in Nigeria are Mono, Okra, myBankStatement (MBS), and Lendsqr — through Kolo, which is still in Beta mode.
What is myBankStatement?
myBankStatement is a product of Wallz & Queen Limited, a software development company that provides unique custom-built business solutions to consumers and businesses. myBankStatement is spread across 17 countries and over 500 financial institutions.?
Word on the street is that they initially started piloting through First City Monument Bank (FCMB) and Sterling Bank. At this time, they’ve connected with over 14 banks. However, over the last few years, they have fallen behind in innovation and marketing. Notwithstanding, they still work excellently.
As of today, we can boldly say myBankStatement provides the best and most assured bank statement service in the whole of Nigeria. The good news is that as a lender powered by the Lendsqr loan management software, you can access your borrowers’ bank statement data. Since Lendsqr is integrated with myBankStatement naturally, our lenders are too.
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