Sofri, in partnership with Links Microfinance Bank, has initiated a significant transformation campaign focused on revolutionizing credit access and strengthening support for Nigerian businesses.
During a recent media parley in Lagos, the bank’s financial arm unveiled an upgraded mobile app, launched corporate internet banking, and rolled out advanced data tools.
Paul Adebayo, Managing Director, Sofri, said, “The credit industry in Nigeria suffers from limited and low-quality data, which hampers lenders’ ability to assess risk and scale lending products. That’s why we are using Artificial Intelligence and alternative data to bridge the gaps”
The firm’s new digital tools include a redesigned mobile app with real-time alerts, faster onboarding, and seamless loan applications, as well as the rollout of Corporate Internet Banking to serve SMEs and institutional clients. The platform also includes a Terminal Management System for managing POS terminals, to improve uptime and transaction efficiency for merchants.
Adebayo said with the revamped app, Sofri is now using machine learning algorithms that consider a range of non-traditional data points—phone usage patterns, location, education level, and even social media influence to assess borrowers.
Adebayo explained, “If you have 10,000 Instagram followers and I have 2,000, your likelihood of default may be lower. Your social capital is an indicator of trust. These are the types of signals we’re building into our models.”
In addition, the innovations allow Sofri to provide loans as small as N2,000 to underserved individuals without formal credit histories, to encourage financial inclusion.
Adebayo also said the company is embracing the Central Bank’s Global Standing Instruction (GSI) policy to improve loan recovery rates and reduce risk.
The GSI enables lenders to automatically recover debts from any account linked to a borrower’s Bank Verification Number, even if the borrower changes banks.
Adebayo said, “With GSI and our data-led approach, we can lend more confidently. We’re not just digitising finance, we’re democratising it.”
With a rebrand to SofriTrust MFB on the horizon, Adebayo said the goal is to build a digital-first bank that serves the real economy with intelligence, inclusion, and innovation.
Meanwhile, Frank Ayala, Sofri’s General Manager, introduced the new CIB platform as a critical tool for businesses seeking efficient financial operations.
Ayala stated, “The new platform meets the diverse needs of business customers, with enhanced functionality and advanced security to protect sensitive data.”
