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The underwriting process is the core of the lending platform, determining the creditworthiness of applicants and structuring loan offers. Our system supports a hybrid approach combining automated checks with manual review capabilities.

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Underwriting Workflow

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1. Automated Checks

Immediately upon submission, the system performs a series of validation checks:

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Eligibility Rules

  • Age Verification: Checks if the applicant meets the minimum/maximum age requirements.
  • Location: Verifies if the applicant is in a supported region/country.
  • Employment Status: Filters allowed employment types (e.g., Salaried, Self-Employed).

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KYC Verification

  • Identity Check: Validates BVN (Bank Verification Number) against the national database.
  • Blacklist Check: Screens the applicant against internal and external blacklists (AML/CFT).

Eligibility API

View how dynamic eligibility questions are retrieved.

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2. Credit Scoring

For applications that pass initial checks, the system calculates a credit score using multiple data points:
  • Bureau Data: Credit history, existing debts, and repayment behavior from credit bureaus.
  • Platform Data: Transaction history, wallet balance, and previous loan performance on our platform.
  • Alternative Data: Income estimation based on bank statement analysis (if integrated).
The result is a Risk Score (e.g., 0-100) that categorizes the applicant:
  • Green (Low Risk): High likelihood of approval.
  • Amber (Medium Risk): Requires careful manual review.
  • Red (High Risk): Recommended for rejection.

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3. Manual Review

Loan officers use the Admin Dashboard to review applications in the queue.

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Review Actions

  1. Verify Documents: Review uploaded ID cards, payslips, or bank statements.
  2. Analyze Risk: View the calculated Risk Score and detailed credit report.
  3. Decision Making:
    • Approve: The officer can approve the loan.
    • Reject: The officer can reject the loan with a specific reason code.

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Setting Loan Terms

Upon approval, the loan officer determines the final terms of the offer:
  • Approved Amount: Can be equal to or less than the requested amount.
  • Interest Rate: Set based on the risk profile and product configuration.
  • Tenure: Finalized repayment period.

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Decision Outcomes

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Approval

If approved, the application moves to the APPROVED state. The system generates a loan offer containing the finalized terms, which is then made available to the customer.

Get Loan Offer

See how customers retrieve their approved offer.

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Rejection

If rejected, the application moves to the REJECTED state. The customer is notified, and depending on configuration, may be eligible to re-apply after a cooling-off period.