Why we have a data furnishment API

By law, many lenders are obligated to report the credit they provide their customers to the nationally accredited sources of Credit Risk Data. This information also needs to be updated when necessary, such as when payments are made on the credit or a court action is initiated over it for repayment. Between business growth and the complexities of bureaucracy, reporting and updating credit information can become pretty difficult to keep up with. Resources, people, and business time which should be committed to serving customers can get stuck addressing several compliance concerns.

According to Allawee’s mission of making lending easier and credit accessible, we now have a Data Furnishment API [in beta mode] that allows lenders to easily report and update credit information. This way, lenders can focus on providing credit to their customers. At the same time, lenders can also automate the reporting and updating of these credit risk data sources. By providing this service, Allawee makes it easier for lenders to comply with laws and regulations, without losing focused time and resources on other parts of their business.

How does Data Furnishment API work?

Allawee’s Data Furnishment API includes three endpoints: Credit Report, Credit Update and Credit File, which allows it to function smoothly. Each of these three endpoints all help lending businesses keep track of their customer’s credit history and report the information on them.

With the Credit Report endpoint, Lenders can efficiently report credit immediately it is granted to a customer. This would involve submitting the customer’s personal information such as BVN, National Identity Number, Passport Number etc.

With the Credit Update endpoint, Lenders can use the Credit Update API to update each customer’s credit status over time. Lenders who use digital ledgers can also automate their credit reporting and updating process. The Credit File API allows lenders to view information which they may have previously submitted for their customers.

You can easily use our Data Furnishment API Reference to check how to integrate our API into your product.

Who is this Service for?

This service is great for:

  • Microfinance banks
  • Digital lenders
  • Asset management companies
  • Leasing companies
  • Mortgage institutions

If you need to report information about credit you provide to your customers, then we can help you do this quickly and regularly.

What does this mean for Lenders and Borrowers?

For lenders, the Data Furnishment API means one less administrative task you have to worry about. You can simply automate the process and let us handle it for you, putting that effort into making credit available and business growth.

For borrowers, the API means it’s easier for your lenders to report your credit information. If you repay credit as and when due, the credit risk sources will take note of this more quickly and more often, contributing to your credit score and data. You can now see quicker changes to your credit information and can see reward on effort towards credit score building.