Paylater.ng, a Nigerian digital loans startup issuing loans to Nigerians completely digitally in as little as 5 minutes, with no need for paperwork, collateral or guarantors has crossed 1 million downloads and registered over 800,000 active users in Nigeria as it moves to serve the countries 200m people.
The firm also announced that it has loaned over $17M USD to Nigerian consumers in 2018 so far.represent a tremendous opportunity to get formal banking services in the hands of Nigerian consumers to provide much needed liquidity for entrepreneurial investment, personal development, or unexpected expenses.
“We are very excited by the market adoption of Paylater and we believe there is still a significant growth opportunity ahead for digital financial services” – Co-founder and CEO Chijioke Dozie
Before Paylater, only commercial banks — with physical branches nationwide and extremely large capital bases — had the reach, stability and customer trust to offer financial services to a variety of people. Unfortunately, these same institutions turned record profits by taking deposits from average consumers, and reserving actual ‘banking’ services like loans and investments for large corporate entities and high-net worth individuals.
Access to credit is a fundamental human need and the foundation on which most modern economies are built. Pioneers like Paylater have embraced the difficult task of unlocking the power of financial access for the underserved, and so far, it looks like they are winning.
The Paylater app is available for download on the Google Play Store.