FINT Tech­nol­ogy In­tro­duces Plat­form for Easy Ac­cess to Loans

THISDAY - - MARKET NEWS -

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.

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