Background
Federal Govt of Nigeria announced the below amongst others to assist the struggling economy
N50 billion targeted credit scheme for households and small- and medium-sized enterprises that have been particularly hard hit, including but not limited to hoteliers, airline service providers, healthcare merchants, etc.;
N100 billion credit support for the healthcare industry particularly pharmaceutical companies, hospitals and health practitioners, that want to start new or expand existing drug manufacturing or healthcare facilities;
N1 trillion in loans to boost local manufacturing and production across critical sectors
Challenge
This is all wonderful news but now comes the heavy lifting.
Dispensing of such loans is back breaking work
Involves doing due diligence on the loan applicants
Requires sifting through tonnes of applications
Requires sorting and collating same applications
Also requires measuring internal checklists with what documents applicants have submitted
These are just some of the tasks awaiting commercial and merchant banks that shall experience the brunt of this heavy lifting
Solution
I suggest utilising a mix of the below technology based solutions. Remember, we want to avoid a large number of persons trouping into banks.
Easy user interface for application submission
Cloud based sharing and collaboration platform for centralised access to all loan applications
Cloud storage must be a bank secure grade platform
Workflows to manage the approval process
Artificial Intelligence to handle the analysis of the loan applications