Sofri, powered by Links Microfinance Bank, has unveiled a bold transformation strategy designed to revolutionize access to credit and financial services for individuals and small businesses across Nigeria. At a recent media event in Lagos, the company introduced a series of innovations, including a revamped mobile app, a new Corporate Internet Banking (CIB) platform, and AI-powered credit scoring tools.
Bridging the Credit Gap with AI and Alternative Data
Sofri’s Managing Director, Paul Adebayo, highlighted the core issue facing Nigeria’s lending ecosystem: poor access to reliable data, which hinders effective risk assessment by lenders.
“The credit industry in Nigeria suffers from limited and low-quality data. That’s why we’re deploying Artificial Intelligence and alternative data sources to close that gap,” Adebayo said.
The new system leverages machine learning algorithms to analyze non-traditional data—such as mobile phone behavior, location, education level, and even social media metrics—to determine a borrower’s creditworthiness.
“If you have 10,000 Instagram followers, your social capital could indicate lower risk. These are the modern signals we’re embedding into our models,” he explained.
Inclusive Loans for the Underserved
With this data-led model, Sofri can now offer micro-loans as low as ₦2,000 to financially excluded Nigerians—those without formal banking or credit histories. The initiative aims to deepen financial inclusion in a country where access to credit remains out of reach for millions.
The newly redesigned Sofri mobile app also features real-time notifications, faster onboarding, and seamless loan application processes, enhancing customer experience.
New Tools for Businesses and Merchants
To support SMEs and institutional clients, Sofri launched a Corporate Internet Banking (CIB) platform, equipped with enhanced functionality and enterprise-grade security. The company also rolled out a Terminal Management System (TMS) to streamline Point-of-Sale (POS) operations, ensuring uptime and efficiency for merchants.
Sofri’s General Manager, Frank Ayala, noted:
“The CIB platform is built to meet the dynamic needs of modern businesses, providing tools for secure, flexible, and efficient financial operations.”
Leveraging Central Bank’s GSI Policy
To further strengthen loan recovery, Sofri is integrating the Central Bank of Nigeria’s Global Standing Instruction (GSI) policy. This framework allows lenders to automatically recover outstanding debts from any bank account linked to a borrower’s Bank Verification Number (BVN), regardless of where they bank.
“With GSI and our data-first model, we’re not just digitizing lending—we’re democratizing access to finance,” Adebayo added.
Rebranding for the Future
As part of its broader evolution, Sofri plans to rebrand as SofriTrust Microfinance Bank, reflecting its mission to become a digital-first bank grounded in inclusion, intelligence, and innovation.
Through this transformation, Sofri is positioning itself at the forefront of tech-driven financial services in Nigeria, building a future where credit is accessible, personalized, and empowering for all.
