Millions of Nigerians may be paying more than necessary for loans because banks and other lenders keep valuable customer credit information to themselves, according to Winston Osuchukwu, founder and chief executive officer of Mathesis Analytics.
Osuchukwu made the claim in a new paper, where he argued that the country’s current credit assessment system is unfair to borrowers and contributes to high lending costs.
According to him, lenders often price loans based only on information they have collected directly from customers, rather than considering a person’s complete financial history across multiple institutions.
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This means that a Nigerian who has consistently repaid loans, saved money through fintech platforms, or maintained good financial habits may still be treated as a high-risk borrower when approaching a new lender.
“As a result, borrowers are often charged higher interest rates, not because they are risky,
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