Social Lender, Giving you Loans based on your Social Media Reputation

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Social lendThe way you brand yourself on social media will either build or break you in the real world, this is especially the case when applying for work opportunities.  Despite contrary belief, it matters what you post on social media.

As much as I understand that social media is one of the most vital keys to managing your personal branding online, it has never crossed my mind that someday this would also affect those needing micro loans.  Yes, you heard right!

Social Lender is a social lending service developed by Lagos based IT company, BinCom, targeted at Nigerian banks to allow them to create a community where users can access small loans based on their social media reputation. This is done through a proprietary algorithm and software to rank available social profiles according to predefined restrictions.

The algorithm gathers the loan applicants’ information from social media platforms to generate a social reputation score.  This process includes pulling information from your social media pages such as Facebook, Twitter and Instagram; an investigation done by BitCom’s Social Credit Officer and validation of the social guarantors given by the user.

Although Sterling Bank is the first bank to get on board and there are plans to get more Nigerian banks involved during the course of the year. Users can borrow up to N10 000 and a first time borrower is limited to a maximum credit loan of N3000.

Social Lender is also one of the 10 startups selected to be part of Barclays’ Rise programme, which provides mentorship and development for startups working on breakthrough financial technology innovations.

Congratulations to the team!

www.nunnovation.com