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The legacy of traditional banking and the financial services of the future

The New Age Banking Summit that took place in Lagos, Nigeria on October, 26 – 27, was a resounding success. It was an opportunity for MODE to interact, share and learn from different industries within the Fintech Space.

As one of the presenters, our CO-CEO Shatse Kakwagh spoke on tomorrow’s customer needs and how, using innovative Fintech, the different industries can extend the reach of traditional banking.

In Nigeria, access to credit is low for several reasons. Rates are unattractive for most customers and an even bigger majority is unqualified.

Processes are slow and often the urgent need is gone long before the credit decision is made.

Banks and traditional lenders have reasons they operate the way they do. Regulatory compliance demands the verification of a customer’s existence in the form of photo ID, utility bills, etc.  Because this is manual, and dependent on single-source verification, it compromises the data integrity. In addition, this is very time consuming.

Credit risk assessments within these legacy parameters are vastly limiting to lenders and economies within which they operate, and most importantly – are very frustrating to customers.

The services of the future will be built around the customer experience. Our customers across the globe are moving towards instant everything, from credit to investments.

By utilising multiple real-time data sources, we have built highly accurate models to predict default. Using this modelling methodology MODE has lent more than $2Bn in loans over a period of eight years.

MODE processes over 80 loans every second. The number of transactions is growing at 48% annually at a bad rate below 1%.  We are able to pre-approve over 300M users today and make credit advances at the point of need.

Every day at MODE we work to give individuals real options and to deliver easy and fast access to financial services through the hand-held technology, creating a user experience that is both seamless and convenient.


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