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Nigerians Besiege Online Loan Companies for Cash Without Collateral

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Small business loans help entrepreneurs meet financial obligations. However, lenders often require that you put down property as security for repayments, according to invoice.ng

 

Not every business owner is in a position to do so. Fortunately, business owners can apply for quick online loans without putting up their assets as a collateral.

 

According to invoice.ng, assess to capital is one of the major problems of doing business in Nigeria. With the new quick and easy online funding options, lenders evaluate creditworthiness and ability to pay back within a stipulated time frame and may approve an amount of loan based on that assessment.

 

In this post, we talked about the top 10 websites in Nigeria that offer quick loans to small businesses and individuals without collateral in Nigeria.

  1. GROFIN

 

GroFin provides Small and Medium Enterprise (SME) finance/business loans across Africa & the Middle East. If you have investible numbers and you looking to expand your business, then GroFin is your best short.

 

With GroFin, businesses can access business loans between US$100,000 and US$1.5 million. If you think your business ticks the required checklist, then you can submit your online application here.

  1. SMEDAN

Last on the list is SMEDAN, a government-backed initiative to offers quick and easy business loans to Nigerian SME’s businesses in need of financing. The core mission of the organization is to promote entrepreneurship among Nigerians and also provide capital to start the business.

 

Aside funding, SMEDAN also provide business owners with hands-on training and support to help them run their business. If you would like to apply, click here to access their online application portal.

 

  1. LYDIA

Lidya is an online platform that provides businesses access to finance. The platform offers small and medium-sized businesses with unsecured loans of between $500 and $15,000.

 

According to the founders, “Lidya uses technology and algorithms to assess the risk before granting the loans, it allows them to offer financial products to these customers at a low cost.”

 

  1. AELLA-CREDIT

Aella Credit is building platforms that make it easier for individuals in Africa to gain access to financing. Mainly focused on employee lending and empowerment, the company was affiliated with three main credit bureau agencies in Nigeria to provide quick and affordable loans with no paperwork to its customers.

 

Aella Credit uses a  proprietary credit scoring algorithm to determine the creditworthiness of its users. The algorithm, which was built after the team gathered over five years of market data and analysis, processes an applicant’s eligibility for a loan by considering social and demographic factors as well as their debt to income ratio.

 

  1. ZEDVANCE

Zedvance is a consumer finance company committed to providing consumer credit to individuals. You can borrow up to 3 Million Naira in less than 24 hours.

 

The company specifically provide loans to salary earners but if you are a salary with a side business, you can pick up the deal to finance your business use.

 

  1. PAYLATER

 

Paylater is an easy and entirely online lending platform that provides short-term loans to individuals and small businesses in Nigeria to help cover unexpected expenses or urgent cash needs.

 

With Paylater, you can access up to 500,000 Naira loan with no collateral. Once your application is approved, funds are typically received within 1 – 3 business days. Making on-time repayments can grant you access to higher credit limits for your next loan.

 

  1. KIAKIA

KiaKia is a digital money lender for Nigerian businesses. KiaKia utilizes psychometry, big-data, machine learning and digital forensics for its proprietary credit scoring and credit risk assessment algorithm to provide direct and peered personal and business loans to millions of individuals and SMEs without credit information.

 

The name KiaKia was derived from a Nigerian language which means “Fast Fast”. According to them, the solution is very simple and fast, but highly effective and efficient.

 

  1. ONE-FI

Formerly known as One Credit, OneFi is a credit facility company that offers short-term consumer loans to credit-worthy individuals with limited access to finance.

 

One-Fi loan repayment cycle is typically between 3 – 6 months, with loan amounts up to N200,000 or more.

 

  1. C24

C24 Limited is a microfinance institution that was established with the sole mission to create an avenue for people to actualize opportunities around them, by helping them access cash loans when they need it.

 

C24 understands the need for quick cash loans and the necessity of quicker loan processing time. Their online loan process has been optimised to help applicants avoid the stress associated with other loan companies.

 

  1. QUICKCHECK

QuickCheck is a modern lending platform for individuals and small businesses. QuickCheck uses mobile technology to enable individuals and small businesses to gain access to financial credit.

 

According to the platform, users can access quick and hassle-free loans of up to 30,000 Naira without any collateral for a duration of either 15 or 30 days.

 

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.

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E-Financial

Fidelity Bank MD Not On The Run – Bank

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Mr. Nnamdi Okonkwo

Fidelity Bank Plc has said that Mr. Nnamdi Okonkwo, its managing director/CEO, has not jumped bail, clarifying that he was on a sick leave.

 

The bank in a statement expressed shock at the online media report, stressing that it was a “responsible corporate citizen and staff members, including the MD/CEO, conduct their operations in line with the laws of the Federation”.

 

The statement read: “Our attention has been drawn to recent online media re¬ports that Fidelity Bank MD/CEO has jumped bail. The reports are completely untrue and the facts of the matter are hereby presented as follows;

 

“The MD/CEO has been away on medical leave, which was duly approved by the Board, since December 4, 2018.

 

“The Bank informed the CBN Governor of this development as the MD/CEO was unable to attend the annual Bankers Committee retreat held between December 8 & 9, 2018, on ac¬count of this. An Executive Director represented the bank.

 

“The Bank received a letter from the EFCC about 48 hours ago, requesting for the attention of the MD/CEO.

 

The Bank responded to the EFCC immediately that the MD/CEO was on medical vacation and gave an indicative date that he will report to the Commission.

 

“The Bank also attached the following documents to the response; the leave approval by the Board Chair¬man and the letter sent to the CBN Governor on the inability of the MD/CEO to attend the Bankers Committee retreat”.

The bank continued: “We are therefore shocked by the misleading reports in the online media and have provided the above clarifications to set the records straight.

 

“Fidelity Bank is a responsible corporate citizen and staff members, including the MD/CEO, conduct their operations in line with the laws of the Federation”, it concluded.

 

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CBN says TSA Transactions Value Hit N13.53trn in 2017

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The Central Bank of Nigeria (CBN) says the migration of the Federal Government Ministries, Departments and Agencies (MDAs) to the Treasury Single Account (TSA) has led to positive growth in the value and volume of transactions recorded in end to end payments in 2017.

The bank made the assertion in the 2017 Annual Activity Report released by its Banking and Payments System Department on its Website.

It also attributed the growth to the rise in the number of MDAs accounts migrated to the TSA.

The CBN said that the value of transactions recorded at the period reviewed stood at N13.53 trillion from the N10.65 trillion in 2016, representing an increase of 27.01 per cent.

The apex bank also said that volume of transaction grew with an increase of 3.84 per cent to record 39.7 million in 2017 as against the 38.24 million recorded in 2016.

According to the CBN, the payment instructions comprises recurrent, overhead and capital expenditure.

On the TSA implementation, the bank added that during the year, stakeholders’ engagements took place to improve the operations and address some of the challenges facing it.

“In order to engender healthy competition and ensure effective service delivery, the Federal Government’s TSA payment gateway model was modified to accommodate other service providers.

“The aggregator model was developed to bring in more players into the e-collection process, thereby providing a level playing ground for all the Payments Service Providers (PSPs), with NIBSS as the aggregator.

“The initiative was driven by the Federal Ministry of Finance (FMF) with the Office of the Accountant General of the Federation (OAGF) as the implementing agency, in collaboration with the Central Bank of Nigeria,” it said.

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Nigeria’s OneFi Secures First Ever Credit Rating for an African Fintech

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One Finance Limited (OneFi) announces that is has been assigned a “BB” rating with a Stable outlook, from Global Credit Rating Co. The company behind Paylater, Nigeria’s leading digital financial services platform that specialises in consumer lending, becomes Africa’s first fintech company to secure such a rating, as it looks to increase transparency around its credit and lending service.

Global Credit Rating Co. is Africa’s leading ratings agency, accounting for the majority of all ratings accorded on the African continent.

The report analysed key financial and operational factors including risk management, liquidity positioning, borrowings and capital under management. In arriving at this rating of “BB” with a Stable outlook, Global Credit Rating Co’s analysis found that OneFi is well capitalised vis-a-vis its current risk level, and also highlighted the fact that the company currently has a low liquidity risk.

Commenting on the news, Chijioke Dozie, OneFi CEO says, “The entire process of securing this rating from Global Credit Rating has been rigorous, testing, but ultimately, hugely beneficial for the company.

It has allowed us to scrutinise our finance and business models, as well as provide full transparency not only to our stakeholders, but to Paylater’s tens of thousands of customers across Nigeria.

“The work does not stop here. We are a young company, and the very first African fintech platform to be awarded with a credit score, and whilst we are pleased with our “BB” rating and Stable Outlook, which we believe fairly reflects our current standing, we are now focussed on expanding our product offering, improving our asset quality, driving up customer loan applications and looking at ways in which we can bring our innovative approach to finance management to additional markets”.

Paylater, launched in 2016 by Nigerian finance entrepreneurs Chijioke and Ngozi Dozie, provides hassle-free loans without need for human intervention or bias in decision making.

Loans are disbursed to applicants account within 5 minutes of approval. The credit-as-a-service company aims to be a one-stop-shop where all the financial needs of the Nigerian consumer can be met through one platform.

To-date, the Paylater app has been downloaded over 1 million times with over 1,575 loans approved daily. The average disbursement time is 12 seconds and the average loan borrowed is $80 with a 3 month loan tenor.

As part of its ongoing commitment to transparency, the lending platform has, since September, provided each Paylater loan applicant with a free credit bureau report, irrespective of decision, with 100% reporting of positive and negative data. To date, the company has shared over 60,000 reports with customers.

Chijioke Dozie concludes, “With the Central Bank of Nigeria [CBN] currently revising the Licensing Regime for finance providers and fintech platforms in Nigeria, and with more formality and  regulation surrounding the sector, this was the right time for OneFi to undertake the positive step of securing a credit rating score, as we work to build a legitimate, trusted lending brand. We are now held to the same levels of transparency and scrutiny as other leading financial institutions in Nigeria”.

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