Sofri, the digital banking brand powered by Links Microfinance Bank, has kicked off a major transformation to improve how Nigerians, especially small businesses and underserved individuals, access credit. The company unveiled its new approach during a recent media parley held in Lagos, where it introduced fresh features on its mobile app, launched a Corporate Internet Banking platform, and deployed advanced data tools.
The Managing Director of Sofri, Mr. Paul Adebayo, said the aim is to break long-standing barriers to credit using artificial intelligence, alternative data, and digital technology. He explained that the credit industry in Nigeria has suffered for years because of limited access to quality data, which makes it difficult for banks and lenders to assess loan risks and offer credit to more people.
“The credit industry in Nigeria suffers from limited and low-quality data, which hampers lenders’ ability to assess risk and scale lending products,” Adebayo said. “That’s why we are using Artificial Intelligence and alternative data to bridge the gaps.”
The newly redesigned Sofri mobile app now comes with real-time alerts, faster user onboarding, and a streamlined loan application process. It allows users to apply for loans from their phones and receive quick responses. In addition to the app, Sofri has launched a Corporate Internet Banking (CIB) service to cater to the financial needs of small and medium enterprises (SMEs) and other institutional clients.
A key feature of the new offerings is the Terminal Management System, which helps businesses manage Point-of-Sale (POS) terminals. This system is designed to reduce downtime and improve transaction speed and efficiency for merchants.
Explaining how the bank is using non-traditional data to evaluate creditworthiness, Adebayo said that machine learning algorithms are now being used to study behaviour patterns such as phone usage, education level, location, and even social media influence. These factors are then used to assess the likelihood of a borrower repaying their loan.
“If you have 10,000 Instagram followers and I have 2,000, your likelihood of default may be lower. Your social capital is an indicator of trust. These are the types of signals we’re building into our models,” he added.
With this innovative data approach, Sofri is now offering microloans as small as N2,000 to individuals who may not have any formal credit history. The aim is to boost financial inclusion and give more people access to funding that can help them meet their personal or business needs.
To manage the risk of unpaid loans, Adebayo also noted that Sofri is adopting the Central Bank of Nigeria’s Global Standing Instruction (GSI) policy. This policy gives banks the legal right to recover loans directly from any bank account linked to a customer’s Bank Verification Number (BVN), even if the customer switches banks.
“With GSI and our data-led approach, we can lend more confidently. We’re not just digitising finance, we’re democratising it,” Adebayo said.
The company is also working on a full rebrand to SofriTrust Microfinance Bank. Adebayo said the goal of this rebranding is to build a digital-first bank that puts intelligence, inclusion, and innovation at the centre of its service delivery.
Also speaking at the event, Sofri’s General Manager, Mr. Frank Ayala, said the new Corporate Internet Banking platform will help businesses handle their financial transactions more efficiently. He described it as a powerful tool for businesses looking for speed, flexibility, and control in managing their funds.
Since its launch, Sofri has positioned itself as a digital banking solution for the everyday Nigerian. The bank offers services such as savings, loans, payments, airtime and data recharge, and more—all through a user-friendly mobile platform.
The new strategy signals a shift in Nigeria’s microfinance space, where banks are beginning to use technology not just to reach more customers but also to offer smarter, faster, and more flexible financial services.
As Sofri pushes forward with its technology-driven credit solutions, it is expected that more Nigerians, especially those without traditional financial records, will have better chances of getting small loans to support their goals and businesses.
