Lendsqr Makes Credit Bureau Reporting Free for Digital Lenders.

One of the biggest headaches for digital lenders in Nigeria has always been credit bureau reporting. It’s a process that is not only mandatory by regulation but also expensive and often riddled with friction. Now, Lendsqr, the Nigerian Lending-as-a-Service (LaaS) startup powering banks, fintechs, and nonbank lenders, has stepped in with a bold move: making bureau reporting completely free.

A First-of-its-Kind Partnership

Lendsqr has partnered with CreditRegistry and CRC Credit Bureau, two of Nigeria’s largest and most recognized credit bureaus, to automate the reporting process and waive the associated costs for all licensed lenders on its platform.

For digital lenders, this is a game-changer. Instead of juggling manual processes and paying fees, every loan reported through Lendsqr’s infrastructure will now automatically sync with both bureaus, at no extra cost.

Why This Matters

By regulation, the Central Bank of Nigeria (CBN) requires every lender to report loans to at least two credit bureaus. But for smaller fintechs and nonbank lenders, the cost and complexity of reporting often meant falling short of compliance or delaying updates.

With Lendsqr’s integration, those barriers are removed. Lenders can focus on their core mission, giving out loans, while ensuring borrowers’ credit histories are updated in real time.

Raising the Bar for the Ecosystem

This move doesn’t just benefit lenders. It strengthens the entire credit ecosystem. Borrowers get more accurate credit histories, fraud risks are reduced, and the Nigerian credit system becomes more transparent.

“We’ve always believed that the infrastructure around lending should empower, not stifle, innovation,” a spokesperson from Lendsqr shared. “By making bureau reporting free and automated, we’re helping lenders stay compliant and borrowers build stronger financial reputations.”



The Bigger Picture

For Lendsqr, this partnership is another step in its mission to power digital lending at scale across Africa. By solving backend bottlenecks like reporting, the company is creating an environment where fintechs, banks, and other institutions can lend with confidence.

And for the ecosystem, it’s a much-needed win: a path toward more accessible, transparent, and reliable lending in Nigeria.

Martha Odutola

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