Access to credit in Africa is difficult because banks consider retail loans risky. But payday lenders are filling this gap, promising instant loans with no collateral. While they provide credit, they have high interest rates and repayment periods can force customers into a debt cycle. In response to these concerns, Google updated its policies. Introduced […]
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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.