FINT Technology Introduces Platform for Easy Access to Loans

FINT Technology Africa Limited (FINT) has launched Nigeria’s first loan marketplace where borrowers residing in Lagos can access loans/credit at competitive rates and lenders can earn returns by funding these loans directly.

Speaking at the launch of the Platform in Lagos recently, Chief Executive Officer of FINT, Chiwete John-Njokanma, said: “Currently 95 per cent of the Nigerian population cannot access consumer loans to fund basic needs like health care, shelter, education even though 90 per cent of the 50 million Nigerian middle class have verifiable income and have the ability to pay back these loans.”

According to John-Njokanma, despite the lack of access to credit, three of the Nigerian population, those who can access credit, borrowed about $7 billion in 2016, an evidence of the immense

opportunities within the consumer loan space.”

Also, speaking at the launch, Chief Technology Officer of FINT, Nnamdi Okeke, said:

“FINT is the first and only player currently intermediating in the debit financing

marketplace purely through the use of technology. Access to credit on FINT is fast

and easy because the loan process is online. Borrowers do not require guarantors or

collateral and the platform is designed to be user-friendly.

They explained the FINT platform facilitates loans of between N60,000 to N2,000,000 for tenors of six months, 12 and 18 months to borrowers to be used for various purposes such as education, medical expenses, rent, vehicle purchases.

Annual percentage rates (APRs) through FINT range from 26 per cent to 39 per cent for first-time borrowers, with the lowest rates for the most creditworthy borrowers.

The company also disclosed that borrowers are insured for defaults resulting from loss of life, loss of

job, critical illness and physical disability.

According to FINT, it seeks to address a number of challenges in the consumer loan space which include high cost of consumer credit, onerous loan processing procedures and reluctance by traditional financial institutions to provide low amount consumer

loans seen as not being economically viable.

FINT Technology Africa was registered in Nigeria on the 19th of April, 2017 and is licensed by the Lagos State Government as a Money Lender.

The company said it connects investors or lenders looking for high returns with creditworthy borrowers looking for short term personal loans or business opportunity loans.

“Our automated, simple to use, transparent and hassle free debt financing marketplace ensures that the borrowing needs of individuals are met quickly and efficiently. Connecting lenders and borrowers in the debt financing space, it’s a win-win situation for both lenders and borrowers,” it added.