To make loan decisions, digital lenders collect an array of data points, your call records, GPS information, and messages. Although no digital lender will tell you what they check for, based on the data they ask for, we can make some guesses.
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The Central Bank of Nigeria (CBN) wants banks to lend more. This time it’s not just talking. It is compelling them, somewhat. But the new policy it has issued could set the stage for the first real tussle between banks and fintechs.
Access to credit has evolved over the years. With digital lenders promising loans in minutes, just what is the trade off for the consumers?
The answer: Personal data