This fintech startup disbursed N1 billion loans to 100,000 Nigerians, this how you can get one too
The CEO also said the company has no restrictions on the usage of the loans as customers are given the independence to make their own financial decisions.
A startup financial technology company, Branch International has boasted about disbursing N1 billion worth of loans to 100,000 Nigerians.
Barely one year after after it kicked off operations in Nigeria - having operated in Kenya, Tanzania, India and Mexico - Branch international’s Chief Executive Officer, Matthew Flannery confirmed that the Nigerian arm of the financial institution has over 200, 000 users, issued over 100,000 loans and disbursed about N1 billion to users of the financial app.
Flannery said: “I couldn’t be more thrilled to be working in Nigeria with Branch. The startup community is incredibly dynamic, and the country is poised for a FinTech explosion.
“The early response from our customers shows that there is a massive need for a product like Branch. We hope to play a significant role in increasing access to modern financial services in Nigeria over the next decade.”
How to get a loan now
Explaining its operations, Flannery said that the of the Fintech startup offers a unique proposition to the average citizen while providing users with access to instant loans on their mobile devices.
Flannery also noted that smartphone users can receive loans between N3,000 to N150,000 without regular requirements such as face-to-face meetings, lengthy application processes, collateral or paperwork.
Explaining further, Flannery said as customers repay their loan, they unlock access to larger loan amounts and more flexible terms.
The company also stressed that more than 75 percent of customers use loans to help start or grow their business or meet financial obligations.
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