Personality tests for loans

Published: June 16, 2020, 2:06 a.m.

A short online test that reveals attitudes, opinions and thought processes is being used to help decide whether to give people loans.\n \nThe idea is to use psychometric tests to give people with little or no credit history a better chance of getting support and investment.\n \nNew ways of providing financial services are needed because 1.7 billion people have no access to any kind of formal banking facilities, according to the World Bank. Known as the unbanked, they deal only in cash. This can make it harder to reduce poverty, save money or invest for the future.\n \nCheap mobile phones and good network coverage in Nigeria are also transforming the lives of people who previously only dealt in cash.\n \nPresented and produced by Anisa Subedar\n \nPicture credit: Getty Images