Lendsqr, a leading Lending-as-a-Service company helping financial institutions launch and scale digital loan services, has officially entered the Zambian market. As part of its expansion, Lendsqr is introducing a first-of-its-kind artificial intelligence (AI) tool that helps lenders assess informal borrowers, using just their voice and video responses.
Across Zambia, the informal sector keeps the economy running. From bus drivers and airtime vendors to tomato sellers at Soweto Market, millions work hard but remain invisible to traditional lenders. No payslips. No credit history. No access to loans. Lendsqr aims to change that.
“Most lenders in Zambia are stuck with one question: how do I lend to someone with no financial paperwork?” said Adedeji Olowe, CEO of Lendsqr. “A young barber or a market trader in Kitwe might have never officially interacted with the formal financial ecosystem, but that doesn’t mean they’re not creditworthy. They just need tools built with them in mind.”
For years, lenders have tried using proxies like mobile money history, call records, or GPS data to assess borrower behavior. But this data is often hard to collect, inconsistent, or unreliable. Lendsqr’s AI tool offers a completely new approach: it listens to how a borrower speaks, focusing on tone, clarity, and confidence, to help predict loan repayment behaviour when no other data is available.
Built using Infrastructure from Google and supported by funding from Nigeria’s Ministry of Communications, Innovation & Digital Economy. The tool was initially tested in West Africa, where it predicted repayment behaviour with up to 76% accuracy. It’s now being extended to lenders in Zambia, especially microfinance institutions, SACCOs, and fintechs serving informal and cash-based customers.
“This is not about replacing loan officers or credit bureaus,” Olowe explained. “It’s about giving Zambian lenders an extra layer of insight when there’s no bank statement or payslip to go on.”
The company acknowledges that using AI in lending decisions must be done responsibly. Concerns like data privacy, algorithmic bias, and fairness are being taken seriously. But Olowe points out that the real danger today is how many Zambians are either excluded from credit or pushed into predatory loans.
“If we get this right,” Olowe said, “we could help thousands of Zambians, especially those in the informal sector, access fair loans, build credit profiles, and grow their businesses.”
With this rollout, Zambian lenders can use Lendsqr’s full platform to offer loans through mobile apps (Android and iOS), websites, or even integrate directly into their existing systems. Lendsqr also connects with local and global credit bureaus, KYC providers, and payment gateways, making it easy for lenders to go digital fast.
Lendsqr is a global Lending-as-a-Service (LaaS), powering digital lending for banks, fintechs, and financial cooperatives. From quick loan setup to repayment tracking and credit decision engines, Lendsqr equips lenders with the tools to lend smarter, whether to salaried professionals or unbanked entrepreneurs.
With operations in Nigeria, Rwanda, the United Kingdom, the United States, and the Caribbean, Lendsqr’s technology supports everything from personal loans to SME financing, with features for offline borrowers, guarantor-based loans, and manual credit approvals. New lenders can start with a free trial and go live in just days.
For more information, visit lendsqr.com or reach out to [email protected]
