Connect with us

Uncategorized

Peer-to-Peer Lending as a Means of Propelling Startup Growth

Published

on

By Adeniyi Ogunfowoke

Capital is the livewire of any business, especially for startups and established small businesses. Hence, they are always seeking for some additional funding that is too small for an angel investor to get a return for their effort. Banks also think it’s not worth their time. That’s where peer-to-peer (P2P) lending is working to fill that lending gap. This model may be a solution for many small businesses that are struggling with just tapping smaller funding amounts.

Peer-to-peer lending involves borrowing money from your peers, including other business people and investors who are interested in relatively small financing amounts. It has been taken a notch higher with fintechs entering the fray. Small business owners and startups can now borrow millions of naira at flexible interest rates.

Why Consider Peer-to-Peer Lending
There are many reasons to consider a P2P loan, but the most compelling is that you do not require a collateral. Also, lower interest rates tend to be available, depending on your loan amount and loan term, because the peer-to-peer lenders operate with low overhead. You can repay the loan early and not have to contend with any prepayment penalties. Since it is an online lending environment, you’ll also enjoy faster approval and no paperwork except for a few online forms and a digital signature.

What To Look Out For
In Nigeria today, there are so many P2P lenders. Entrepreneurs have a potpourri of options to select from. You need to consider what this type of funding requires of you in order to optimise the benefits.

Some of the things that a good P2P lender must have include: easy access to working capital, quick registration, low-interest rate, collateral-free, and flexible repayments plan within 1-6 months. All these aforementioned are what makes Jumia Lending very unique. Jumia Lending is an initiative that gives you the opportunity to grow and expand your business by granting you access to fast and easy short-term working capital.

As an entrepreneur looking to expand the horizon of your business, you can sign up to sell on Jumia and after 6 months of uninterrupted sales on the platform, you will qualify to apply for Jumia Lending. In fact, before you even qualify for the loan, you will experience a significant increase in sales because you are leveraging on the wide reach of Jumia.

Using P2P Lending Strategically
With these benefits and considerations in mind, it’s important to look at using P2P lending in a strategic way.

Determine which P2P lender is best for you.
Check reviews and get peer recommendations that relate their experiences with a P2P lender, from application to pay off.

Consider all other lending options that are available to you. Do a comparison to see which lending option offers you the best rate, terms, and amount for what you are looking to accomplish with your funds and the state of your business.

Don’t borrow money just to borrow it (or spend it just to spend it). Create a clear plan and disciplined approach to using the funds that will make the money go the distance. That means looking at the ways you can use the least amount possible through a lean startup strategy.

Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University.

Continue Reading
Advertisement
Comments

Uncategorized

ACSIS Urges President Buhari to Sign Digital Rights Bill

Published

on

The African Civil Society for the Information Society (ACSIS), a Non-Governmental Organisation (NGO), has urged President Muhammadu Buhari to give presidential assent to the Digital Rights and Freedom Bill.

Mr Peter Akinyemi, ACSIS West Africa Regional Coordinator, made the appeal in an interview in Abuja on Friday.

The bill was transmitted to the president on Feb. 5, by the National Assembly.

Akinyemi said timely assent to the bill would protect rights of every Nigerian on the internet and strengthen the security within the nation’s cyber space.

According to him, this digital rights and freedom bill will effectively protect the rights of Nigerians on the internet and in the digital environment.

“It will also attract investments when the investors see that the environment is safe.

“The bill will provide a comprehensive framework for the advancement, protection and enjoyment of human rights on the internet.

“This is very necessary in consistence with Nigeria’s regional and international obligations under various international human rights instruments,’’ he said.

Akinyemi also called on the Federal Government “to priotise ICT, come up with workable and inclusive framework and policies and strive for more PPP engagements.”

According to the regional coordinator, this will create enabling environment for the technology sector and ensure that government services are driven in a digital economy.

He said ACSIS, which was established in 2003 as a Pan-African civil society organisation, has membership of over 500 around the world.

It would be recalled that the bill, which has been in the National Assembly since 2016, was passed by both Senate and House of Representatives in 2018.

Continue Reading

Uncategorized

Heineken Makes Dream Come True For Football Fans

Published

on

World’s most international beer brand, Heineken®, has revealed that it will be delighting football fans across Nigeria with unique, premium viewing experiences for the rest of the UEFA Champions League Campaign, while also giving consumers an opportunity to watch the semi-finals and finals matches live in Europe.

The announcement of these exciting new plans by Heineken was made on Tuesday, the 5th of March 2019 during one of the premium viewing experiences hosted at Farm City Lounge, Lekki, Lagos.

The UEFA Champions League is one of the most followed sports competition in the world with with an audience of about 1.1Billion.

With the 2018/2019 season approaching the final stage in the next few months, Heineken is set to back up its 25-year sponsorship of the prestigious tournament by providing fans with exciting and entertaining ways to enjoy the football matches.

As part of this commitment to providing fans and consumers with the most remarkable and unmissable moments from this year’s Champions League, Heineken has partnered with hundreds of outlets across Nigeria to deliver premium viewing experiences to consumers nationwide.

The premium viewing experiences have kicked off as the UEFA Champions League resumes the second leg matches of the second round fixtures. These viewing experiences will see fans in across Nigeria experience the UEFA Champions League in a new and exciting way as Heineken seeks to give fans a truly premium and unmissable experience.

Speaking on the announcement of the UEFA Champions League Trophy Tour, Marketing Director, Nigerian Breweries Plc, Emmanuel Oriakhi had this to say; “The UEFA Champions League is the most coveted trophy in club football competition, and one of the most followed sporting spectacles in the world.

“Heineken’s rich history with UEFA has brought us some of the most iconic and unmissable moments in the history of football.

“From the unforgettable volley by Zidane to seal the 2001 Champions League final to the miracle of Athens where Liverpool overturned a 3-goal deficit.

“These are the moments that make football such a passionate sport and we want to share these moments and experiences with fans across Nigeria.

“This campaign will see Heineken provide hundreds of experience centers where fans can view the Champions League matches in a premium ambiance that only Heineken can deliver.

We also plan to reward lucky fans with opportunities to watch the UEFA Champions League Semi-finals and finals. We’ve had a tremendous relationship with our consumers and we want to share in the passion for the game.”

Heineken has been proud sponsors of the UEFA Champions League since 1994. This illustrious relationship with UEFA has seen Heineken become one of the most recognizable brands in sports, particularly in European football.

Continue Reading

Uncategorized

Dangote Cement Expects London Listing in 2020

Published

on

Nigeria’s biggest listed firm Dangote Cement said over the weekend it has been in talks with several banks over a stock market flotation in London which it expects to be in 2020.

The cement company, owned by Africa’s richest man Aliko Dangote, said the plans were under consideration but that banks had not been selected yet, it said.

 

Continue Reading

Trending

Copyright © 2017 Communication Week Media Limited.