Connect with us

E-Financial

Cash Strapped Nigerians Rush for Online Loans

Published

on

Nigerian are embracing online loans to boost their businesses and solve impromptu financial problems, according investigations by Nigeria CommunicationsWeek.

 

These lending portals became common, not just because of their catchy names, but because they are a relief avenue where the average Nigerian can lend small amounts of money without collateral or the perceived humiliation of dealing with a physical moneylender.

 

Most Nigerians are however not aware of both the high interest rates and unfavorable terms that are not often clear to borrowers.

 

They can borrow up to N50, 000 depending on the platform. The loans are given out after the provision of basic details like BVN and of course the borrowers phone number.

 

Repayment usually comes with huge interest.

 

Some of the big names in the online lendin space are: Pettycash, Palmcredit, Aella Credit, Kwikcash, Pennylender, Paylater, Ferratum, Kiakia, Branch.

 

Below are some of the big names as compiled by politicsngr.com

Pay later

Pay later is owned by OneFi. It is trusted by many Nigerians for quick online loans. Users can borrow from 10,000 naira and will be able to borrow higher amounts if they gain the trust of company by repaying on time. For more information, visit www.paylater.com for more information. Pay later is widely rated as the best quick online loan platforms in Nigeria.

Fint

Fint’s mission statement is to empower Nigerians by making loans more accessible, affordable and quick. Fint has a risk accessment amount of #3000 which all intending borrowers must pay in order to access loans. Their loans are collateral free and can be accessed within minutes. Their loan amount ranges from #60,000 to #2,000,000 which ate repayable within 3 months and one year. To access fint loans visit https://fint.ng for more info. Fint is clearly one of the best and most reliable quick online loan platforms in Nigeria.

Zedvance

Zedvance gives loans to salary earners only. They offer collateral free loans up to #3,000,000 to be paid back within 12 months. They one of the most stable quick online loan platforms in Nigeria. Their interest rates ranges between 3.75 to 4.5% monthly. Visit their website for more information www.zedvance.com.

Kwikcash

Kwikloans is another reliable quick online loan platforms in Nigeria. They collaborate with banks, mobile operators and technology companies to offer quick collateral free loans to Nigerians. The repayment period is between 14 days and 30 days. It offers loan amount of up to #500,000 all with no collateral. Visit www.kwikcash.ng for more information.

Specta

Specta is owned by sterling bank. They offer quick online loans to Nigerians without collateral. Payment is done within 5 minutes and is strictly.for smart earners and business owners. They are clearly among the best quick online loan platforms in Nigeria. Users can get loans up to 5 million naira and payment period is within one month. For more information, visit their website https://www.myspecta.com/

 

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Advertisement
Comments

E-Financial

Bankers, Criminals Collaborate to Clone ATM Cards- Police

Published

on

Dan Okoro, commissioner of Police, Anti-Fraud Unit, Federal Criminal Investigation Intelligence Department (FCIID) Ikoyi- Lagos, has raised alarm over many cloned certificates and ATM cards in circulation.

 

Okoro raised the alarm while briefing journalists in Lagos on the discovery of some cloned certificates by a syndicate, which specialised in printing fake documents of banks, government and corporate organisations.

 

He said that the syndicate had been using the cloned documents to defraud banks, government, corporate organisations and individuals, stressing that some bank officials were collaborating with the suspects for the crime.

 

Among documents cloned by the syndicate included CBN, presidential clearance certificates, IMF and court documents.

 

“I advise members of the public against cloned certificates, ATM card and other important documents currently in circulation. I want members of the public to keep their pin numbers, passwords and ATM safe.

 

“We have some documents recovered from one suspect arrested. We are investigating the documents and some bank staffers allegedly collaborating the syndicate.

 

“It is only the bankers that have details of every deposit in the bank. Our investigation revealed that some bankers give information to the syndicate on how much customers have in every account.

“The syndicate cloned documents and transferred such money to another account, particularly, accounts with ATM cards are their easiest target.

 

“Many crimes are going on in different banks, unfortunately, the bank management will not allow the public to know about it because they want to keep their customers trust,” he said.

 

Okoro said the unit was able to detect some of the documents through the assistance of a foreign cyber security firm based in Lagos using forensic analysis equipment to unravel the identities of the syndicate members.

 

He noted that cyber crime was a global challenge, stressing that the unit was synergising with the foreign firm for capacity building for officers and men in the unit.

 

The commissioner said the suspect arrested was currently in the hospital after he collapsed during search of his house and many incriminating materials, including hard drugs were discovered.

 

“The suspect is a web site designer. He designed many of the cloned documents. We are on the trail of other members of the syndicate,” Mr Okoro said.

Continue Reading

E-Financial

NSE Wins Best Use of Technology for Efficiency Award

Published

on

The Nigerian Stock Exchange (NSE) has announced that it received the 2018 Best Use of Technology for Efficiency Award from Nigeria Tech Innovation & Telecom Awards 2018 (NTITA).

The NTITA is the most celebrated industry awards for the Technology and Telecom industries attracting top decision makers in the sectors. The annual event is held to showcase excellence and celebrate the continued growth of Nigeria’s Information, Communication and Technology industry with a focus on the exceptional and innovative performance within the industry.

The award was presented by Mr Olusola Teniola, President, Association of Telecommunications Companies of Nigeria (ATCON) to the Chief Executive Officer of The Exchange, represented by Mr Olumide Orojimi, Head, Corporate Communications, NSE at ​NTITA  Award ceremony.

According to Mr Akin Naphtal, Chairman, Organising Committee of the awards ceremony, stated that the award is in recognition of NSE’s outstanding service, innovation and tireless efforts in the industry.

“We are proud to promote success stories, technology advancement and disruption in one of the most dynamic business sectors in Nigeria. Not only do we look at businesses, but also those who have made a genuine impact on the market from within these companies”.

Commenting on the award, Mr Bola Adeeko, Head, Shared Services Division, NSE, stated that, “we are very honoured to receive this award.

This achievement is a testament to the efficiency of our service offering which is underpinned by cutting edge technology. This award will spur us to continue to provide investors and businesses with a reliable, efficient and adaptable exchange hub in Africa, to save and to access capital”.

Continue Reading

E-Financial

Senate Orders Suspension of ATM Fee, Summons Emefiele

Published

on

Central Bank of Nigeria (CBN) has been told to direct all Deposit Money Banks (DMBs) operating in the country to suspend the monthly N50 they charge their customers for the maintenance of Automated Teller Machine (ATM) cards.

 

This was the resolution of the Senate on Wednesday after a lawmaker in the red chamber moved a motion on the illicit and excessive bank charges on customers’ accounts.

 

The Senate also directed its Committee on Banking Insurance and other Financial Institutions and Finance to conduct an investigation into the propriety of Automated Teller Machine card maintenance charges in comparison with international best practices.

The Senate decision was sequel to a motion sponsored by Senator Gbenga Ashafa, who expressed dissatisfaction with excessive charges by Nigerian Banks.

 

Ashafa lamented that most banks have deliberately manipulated their ATM machines not to dispense more than N10,000 per withdrawal in some cases and in most cases not more than N20,000 per withdrawal, adding this is deliberate ploy to manipulate the ATM machine.

 

According to him: “ost banks deliberately manipulated their ATM machines not to dispense more than N10,000 per withdrawal in some cases and in most cases not more than N20,000 per withdrawal at the ATM.

 

“This is a deliberate ploy to manipulate the ATM machine, which are ordinarily manufactured to dispense as much as N40,000 per transaction, in order to attract more bank charges from customers, who are forced to carry out more transactions due to the manipulated machines.”

 

Other Senator who spoke like Emmanuel Bwacha and Adeola Olamilekan kicked against excessive charges by Nigerian banks on Customers account with particular focus on the ATM.

 

The Senate also Mandated the committee on Banking to invite the Governor of Central Bank of Nigeria, Godwin Emefiele to appear before the committee in order to explain why the official charges as approved by the CBN are skewed in favour of banking institutions against ordinary customers to the banks.

 

In addition, the lawmakers Urged the Customer Protection Council to be up and doing in taking up the plight of ordinary Nigerians by looking into the various complaints of excess and unnecessary charges by Nigerian Banks.

Continue Reading

Trending

Copyright © 2017 Communication Week Media Limited.