February 20, 2020

Digital Lending: SystemSpecs hosts industry stakeholders at Social Media Week


To deepen digital lending opportunities and further empower individuals and SMEs in Nigeria, SystemSpecs, a leading provider of financial technology and human capital management solutions and services, would be hosting an insightful session during the 2020 edition of the Social Media Week (SMW) in Lagos.

The session with the theme, “Human-Focused Lending in a Digital World: Impact of Fintech Collaborations” would hold between 11:00 am and noon on Thursday, 27th February 2020 at Landmark Event Centre, Oniru, Victoria Island.

Bringing together customers, providers, facilitators and regulators of digital lending in Nigeria including banks, other financial technology players, and policymakers, panelists at the session would discuss the potentials that abound in retail lending as well as the innovations and extensive opportunities that can be created through increased collaboration among Fintechs, banks, alternate lenders, credit bureaus and other data providers.

Speakers at the session would include the Chief Executive Officer of Arvo Finance, Ayotunde Bally; Business Head, Digital Banking Group, Access Bank, Esther Obiekwe; Co-Founder, Lidya, Tunde Kehinde; and Divisional Head, Payment Applications and Vertical Markets, SystemSpecs, David Okeme. The session will be moderated by Chukwuemeka Fred Agbata, Co-founder, CFAmedia

SystemSpecs, developers of Remita, the innovative payment and collection solution for corporates, SMEs and individuals, is known for powering the services of most of Nigeria’s top lenders. Since the inception of its data referencing service in 2017, SystemSpecs has become well-known as a key enabler in the ecosystem by providing insight on credit, streamlining lender’s risk decisions and facilitating the lending of over N35 billion to individuals and SMEs.

Thriving on partnerships within the ecosystem, its Remita direct debit offering is adjudged the leader in the industry and continues to attract interest from Deposit Money Banks (DMBs), Microfinance banks, alternative lenders and LendTech solution providers.

Patrick Ikpelue, Divisional Business Development Lead at SystemSpecs, said a major hindrance to the growth of Small and Medium Enterprises (SMEs) is the lack of access to funds as a result of stringent measures such as lengthy, torturous approval processes as well as convoluted requests for collaterals.

“A virile finance and credit system is a key enabler to the realisation of a number of sustainable development goals, particularly in reducing poverty and raising peoples’ social status. At SystemSpecs, we are committed to empowering the delivery of digital lending to individuals, SMEs and larger organisations to enable them meet their financial needs,” Ikpelue said.

Noting that more financial institutions and Fintech lenders have now become active players in the retail credit business, he said this move would deepen retail portfolios and enhance collaborations.

Retail lending partnerships, if properly harnessed, will further strengthen the economy. The session on digital lending aligns with the overarching goal of the 2020 Social Media Week in Nigeria which is “to support ideas, campaigns and brands that embody a human-first approach to creating digital experiences, which is not only good for business, but will advance us as a society and culture.”

SystemSpecs is a leading provider of Africa’s financial technology infrastructure and human resource management software application. For 28 years now, SystemSpecs has offered robust solutions to individuals, corporate organisations – small, medium and large, and government at state and federal levels in Nigeria and on the African continent.