When it comes to accessing loans from financial institution in Nigeria, it’s never really easy. From too many processes, to strict requirements that many find hard to meet, and high interest rates.
MOLI (Multi-versatile Open Loan Interface) was launched to bail you out. The platform is a peer-to-peer (P2P) lending marketplace for loans, that matches borrowers with lenders based on their interest.
According to the founder, the platform was designed to serve the huge market of borrowers that conventional financial institutions in Nigeria have left behind through high interest rates.
Specifically, MOLI is modeled for investors (lenders) who want to take control of their investment preference, working professionals, start-ups and real-estate developers who desire to seek funding at a lower rate with less hassle.
Through the platform, working professionals can access loan for domestic needs, young entrepreneurs looking to transform their ideas into workable products are linked with investors.
After successful verification, borrowers then state what they require the loan for, and an automated system suggests the loan period, loan amount and interest rate against the borrower’s profile.
Lenders can also make offers to fund borrower’s requirement, which are accepted based on matching the lender’s preference.
Once a lender and borrower are satisfied with their terms, MOLI provides a paperless technology based on their contract for both of them to sign. They also claims to setup a complete process of funding within 72hrs.
This is innovative platform that’ll help make access to funds a lot easier. However, getting people to part with their money is the challenge that comes with running a platform of this kind. But, we’d like to see how MOLI makes this happen.