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Podcast: How to Lend Money to Strangers
Episode: Credit management meets innovation and ethics in Nigeria, with Moses Nmor (BFREE)
Description: Developing markets have a reputation for being unavoidably high-risk for lenders. And sure, developing markets are associated with less stable employment which can undermine repayments but in reality, how much of the observed historical losses could be avoided by embracing local knowledge and implementing better collections? It turns out, quite a lot of it. And by better collections, mind you, I don't mean tougher collections. In fact, its almost the opposite. BFREE is a Nigerian fintech founded on a deep dissatisfaction with the available credit collection options which seemed to thrive on humiliating customers...