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How to generate bank statements via MyBankStatement (MBS) in Lendsqr for loan verification
Lenders in Nigeria often face delays when verifying borrower income because of manual bank statements that are hard to obtain, incomplete, or easy to tamper with. MyBankStatement (MBS) integration in Lendsqr changes this by allowing borrowers to generate authentic, bank-issued statements securely and share them instantly with you.
This feature helps you verify income quickly, assess repayment capacity accurately, and reduce fraud risk, all without leaving the Lendsqr admin console. This guide covers why bank statements matter in lending decisions, when to use MBS in your workflow, a detailed step-by-step walkthrough of the generation process, how borrowers obtain their credentials, security considerations, and troubleshooting guidance for common issues.
Why fast bank statement access matters for lenders
Bank statements provide the most reliable evidence of a borrower’s financial life. They show salary credits, business inflows, regular expenses, transfers, and account balances over time. Without access to accurate statement data, a lender makes credit decisions with an incomplete picture, which increases exposure to defaults and fraud.
Lenders use bank statements to:
Confirm stable income sources and employment. Regular salary credits or consistent business inflows confirm that the borrower has an active, verifiable income. This is especially important for salaried loan products and salary advance offerings.
Calculate realistic repayment capacity and affordability. By reviewing monthly inflows and outflows, your credit team can determine whether the borrower will realistically be able to meet repayment obligations without strain.
Detect financial red flags. Frequent overdrafts, irregular cash flow, or large unexplained debit transactions can signal elevated risk. Spotting these patterns before disbursement protects your portfolio.
Strengthen overall risk scoring and decision-making. Statement data fed into your decision model improves the quality and accuracy of automated credit assessments, reducing reliance on self-declared income figures that borrowers may overstate.
Meet regulatory requirements for responsible lending. Many regulatory frameworks require lenders to demonstrate that they assessed a borrower’s ability to repay before issuing credit. Bank statement evidence helps satisfy this requirement.
Traditional methods, such as asking borrowers to download PDF statements or visit bank branches, often cause delays of days or weeks. MyBankStatement integration in Lendsqr delivers tamper-proof statements directly from the bank, usually within minutes. This speeds up loan origination, improves approval accuracy, and gives you a clear audit trail for compliance.
When to use MyBankStatement in your lending workflow
MBS is useful at multiple stages of the loan lifecycle, not just during initial application. Understanding when to apply it helps your team get the most value from the integration.
Loan application and underwriting. Use MBS to verify declared income before you approve a loan. This is the most common use case and the primary stage at which the feature is triggered in the Lendsqr workflow.
Credit assessment and cash flow analysis. Use MBS to analyze transaction patterns and cash flow stability over a period of three to six months. This gives your risk team a more detailed view of how the borrower manages money on a day-to-day basis.
Collections and portfolio monitoring. Review recent account activity on delinquent or high-risk accounts to understand why a borrower missed payments and what restructuring or collections approach is most appropriate.
Refinancing or top-up requests. When a borrower requests a loan increase or seeks to refinance an existing facility, a fresh statement confirms whether their financial behaviour has improved or deteriorated since the original loan was issued.
Below are three practical examples of how Nigerian lenders use MBS in practice:
A salary advance company uses MBS to confirm recent payroll deposits before disbursing urgent short-term loans to corporate employees. The lender can process and disburse the loan within the same working day because verification takes minutes rather than days.
A microfinance lender reviews three to six months of transaction data to evaluate a small trader’s daily cash flow and assess their ability to repay group loans. The statement reveals consistent market income that would not be visible from a payslip or self-declared income form.
A digital lender checks statements during collections to understand why a borrower missed payments and decide on restructuring options. The statement shows a drop in inflows that began two months prior, confirming the borrower’s claim of reduced business activity.
How borrowers obtain the ticket number and password
Before you begin generating a statement from the admin console, the borrower must first complete their part of the process. The borrower obtains a ticket number and password through the Lendsqr borrower-facing web app or portal during their loan application. They do not need to visit a bank branch or manually download any statements.
Here is how the borrower side of the process works:
Enter account details. At the bank statement stage of the loan application, the borrower enters their bank account number and selects their bank from the list of supported institutions.
Secure connection to the bank. MyBankStatement then securely connects to the borrower’s bank using credentials the borrower provides at that moment. This connection is handled by the MBS platform.
Receive the ticket number and password. The system automatically generates a unique ticket number and sends a password to the borrower via SMS. In some cases, the borrower may also receive a notification by email depending on the bank.
Share credentials with the lender. The borrower provides you with only the ticket number and the password. They do not share their full internet banking username or login password with anyone. The ticket and password are the only credentials needed for the statement retrieval.
Statement is fetched automatically. The system uses the ticket number and password to retrieve and generate the authentic bank statement directly from the bank for your review in the admin console.
This entire process typically takes the borrower just a few minutes to complete. Most major Nigerian banks are supported, and the borrower receives clear on-screen instructions throughout.
Security and consent considerations
Always obtain explicit consent from the borrower before requesting their bank statement. This is essential for compliance with data protection rules and for maintaining borrower trust.
Temporary credentials. The ticket number and password are one-time-use credentials created specifically for statement sharing. They expire quickly and cannot be reused after the statement has been generated.
Limited access. The borrower shares only these limited credentials, not their full banking username or password. This protects the borrower’s bank account from unauthorised access.
Full audit trail. All MBS activity is logged in Lendsqr for audit purposes, giving you a documented record of every statement request and the borrower’s consent to the process.
Guide borrowers to complete the credential generation step before you begin the process in the admin console. Having the ticket number and password ready before you start prevents delays and avoids the ticket expiring before you enter it.
How to generate a bank statement via MBS in the Lendsqr admin console
Follow the steps below to generate a borrower’s bank statement through the MBS integration. Work through each step in order and ensure the borrower has already provided you with their ticket number and password before you begin.
Step 1: Log in to the admin console
Open your browser and navigate to app.lendsqr.com. Enter your administrator credentials and complete any two-factor authentication prompt if 2FA is active on your account. The Lendsqr admin console dashboard loads once you are authenticated.
Step 2: Navigate to the borrower’s profile
From the left navigation panel, click on “Customers” and locate the borrower whose statement you need to generate. You can search by name, phone number, or email address to find the correct profile quickly. Alternatively, if you are already reviewing an active loan request for that borrower, you can access the statement generation feature directly from the loan request page.
Step 3: Open the bank statement or eStatement tab
Once you are on the borrower’s profile or the relevant loan request page, look for the “eStatement” or “Bank Statement” tab. Click on it. This tab contains the interface for requesting and viewing bank statements via the MBS integration.
Step 4: Enter the borrower’s account number
In the form that appears, enter the borrower’s bank account number exactly as they have it registered with their bank. Double-check the number carefully before proceeding, as an incorrect account number will cause the verification to fail.
Step 5: Select the borrower’s bank
Click on the bank selection dropdown and choose the borrower’s bank from the list of supported institutions. If you need to confirm which banks are currently supported by MBS, you can check the list at docs.lendsqr.com/list-of-banks-supported-by-mybankstatementmbs/.
Step 6: Allow the system to perform initial verification
After you enter the account number and select the bank, the system automatically performs an initial verification check. Wait for this step to complete before proceeding. The system confirms that the account number exists and matches a supported institution.
Step 7: Enter the ticket number and password
Enter the ticket number and password that the borrower provided to you. The password is case-sensitive, so type it exactly as the borrower received it via SMS. If the borrower generated the ticket some time ago, ask them to confirm that the password has not expired. If it has, the borrower will need to initiate a new ticket from the borrower app.
Step 8: Click “Authorize” or “Generate Statement”
Click the “Authorize” or “Generate Statement” button. The system then uses the provided credentials to connect to the borrower’s bank and fetch the statement data.
Step 9: Note any applicable bank service fee
The bank may charge a small service fee for providing the statement via the MBS integration. This fee varies by bank. Ensure that the borrower’s account has sufficient funds to cover the charge, as a failed fee deduction can interrupt the statement generation process.
Step 10: Wait for the statement to appear
The statement usually appears within one to five minutes of authorisation. The system processes the request in the background and displays the statement in the tab once it is ready. In most cases processing takes less than five minutes. Processing rarely exceeds ten minutes.
Here are solutioIf you encounter problems during the statement generation process, the following guidance covers the most frequent issues and how to resolve them.
“Invalid ticket or password” error. Double-check the credentials the borrower provided. The password is case-sensitive. Ticket passwords typically expire quickly after they are generated. If the password has expired, ask the borrower to generate a fresh ticket from the borrower app and provide you with the new credentials.
“Bank not responding” or connection timeout. This can happen during peak banking hours when the bank’s systems experience high traffic. Wait five to ten minutes and then attempt the request again. If the problem persists, ask the borrower to regenerate their credentials, as the timeout may have invalidated the existing ones.
Fee deduction failed. The bank requires the borrower’s account to have sufficient funds to cover the statement service charge. If the account balance is too low, the bank will not process the request. Ask the borrower to fund their account and then request a new ticket.
Statement does not appear after authorisation. Refresh the page and check the borrower’s activity log for updates. Statement processing rarely takes longer than ten minutes. If the statement still does not appear after this time, contact Lendsqr support and provide the ticket reference number so the team can investigate.
Account verification fails. Confirm that the account number you entered matches the one linked to the borrower’s BVN or KYC records in Lendsqr. A mismatch between the declared account and the verified identity will cause the check to fail.
If an issue persists after trying the steps above, contact Lendsqr support with the ticket reference number and a description of the error. The support team can investigate and assist with resolution.
What MBS integration enables in your lending operation
MyBankStatement integration in the Lendsqr admin console turns a traditionally slow and manual verification step into a fast, secure, and auditable process. By using this feature consistently, your team gains several operational advantages.
Faster income verification. You complete income verification in minutes rather than days, which shortens your overall loan origination time and improves the borrower experience.
More accurate risk decisions. Statement data feeds directly into your risk decision models, giving Oraculi and your credit team richer inputs for scoring and eligibility assessments. This reduces the likelihood of approving loans to borrowers who have misrepresented their income.
Compliance-ready audit records. Every statement request is logged in Lendsqr, which means you maintain clear documentation of your verification process for regulatory audits and internal reviews.
Reduced operational costs. Eliminating the need for manual document collection, physical branch visits, and back-and-forth email requests reduces the administrative burden on your team and lowers the cost per loan application processed.
When used alongside other Lendsqr tools such as automated scoring, KYC verification, and decision model configuration, MBS strengthens your entire credit assessment process and helps you approve more good loans while keeping default risk under control.
Next steps
Test the full flow with a sample borrower profile in your sandbox or test environment.
Monitor usage in reports to see how MBS improves approval times and default rates.
Consider enabling MBS as a required step in high-value loan products.
