Glossary

Common terms used across the Developer APIs.

Developer APIs

Lendsqr’s API distribution service, giving lenders and fintechs outside the Lendsqr platform programmatic access to our key services.

Bad actor

An informal term for a user within the Lendsqr ecosystem who has committed fraud or defaulted on a loan, and has been blacklisted on the Karma engine as a result.

Bank Verification Number (BVN)

An 11-digit number that serves as a unique identifier for individuals. An individual’s bank accounts are linked to this number.

Decisioning

In relation to loans, the process of determining whether a user is eligible to borrow money from a lending company.

Lendsqr ecosystem

Lendsqr’s growing pool of borrowers, accumulated over time, that lending companies can tap into to learn about a borrower’s past performance with other lenders. Accessible via the Ecosystem lookup endpoint.

Karma

A database of blacklisted bad actors within the Nigerian lending ecosystem, managed by Lendsqr. Validate customers by running checks via the Karma lookup endpoint.

Scoring

Also called credit scoring: a statistical analysis performed by lenders and financial institutions to determine a borrower’s creditworthiness.

Service account

A Lendsqr virtual account you can fund directly from any Nigerian bank, used to pay for access to Lendsqr’s paid services.