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5 instant lending platforms in Nigeria to watch out for in 2023

By Edlyn Cardoza

December 13, 2022

  • API
  • C24 Capital
  • consumer lending
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Instant Lending, Digital Lending, C24 Capital, Consumer Lending, Kiakia, Credit Score, SMBs, Financial Institutions, MSMEs, Lidya, Inexpensive Payments, FinTech, Migo, Embedded Lending, API, Credit Risk, QuickCheck, Credit Management, Microloans, NigeriaThe first and foremost step that every gig worker, blue-collar worker, and middle-class family during the festive season take is to plan the budget. Yet, it is normal that in this expensive world, we always end up with extra expenses from the decided ones. Instant digital lending has become one of the best solutions to manage that additional expenditure. Individuals can now borrow money in just a few clicks and manage the lack of capital.

Every functional economy in the world has a viable credit and loan system. However, the credit system in Nigeria is largely underdeveloped and mostly the exclusive preserve of elite individuals and large corporations who are responsible for over 85% of the credit activities in Nigeria. There are currently over 5,000 microfinance banks and over 25 DMBs with hundreds of branches across the country, yet, MSMEs and businesses still have a torrid time accessing credit/loans.

Here are 5 instant lending platforms in Nigeria to watch out for in 2023:

  • C24 Capital

C24 Capital is a consumer lending company with the objective of providing solutions that best suit your needs. So, they created a simple way to get back up on your feet without delay and actualise opportunities. In short, they give loans without collateral! C24 Capital processes loans quickly to ensure that you keep moving.

Their promise of excellence comes from their drive to provide first-class financial services in an atmosphere of transparency with competitive interest rates and a simplified repayment structure. They currently only operate within Lagos, with plans to expand to various states nationwide anytime soon.

  • Kiakia

KiaKia is an AI-powered marketplace that utilises non-traditional data to perform credit scoring to enable individuals and small businesses to access capital. The platform also provides individual lenders the opportunity to securely lend out funds to borrowers and earn income on interest.

Founded in 2016, KiaKia is a licensed non-banking financial technology company. One of Nigeria’s pioneer digital lenders and also the leading peer-to-peer marketplace, KiaKia offers secured and unsecured loans and also participates in well-structured profit-sharing business transactions. We focus our efforts mostly on Micro, Small, and Medium Enterprises with huge growth potentials, with no access to credit from traditional financial institutions.

Lidya is on an exciting journey to partner with the most ambitious SMEs in some of the world’s fastest-changing and most entrepreneurial economies to help them to scale. Lidya uses data to identify well-run businesses, and offer them instant credit, inexpensive payments, and valuable spend management tools that help them grow faster.

Since they were founded, Lidya’s systems have digitised and analysed over $50 billion worth of data, issued about 32,500 loans, and are approaching $100 million in loan disbursements. Lidya is a FinTech company founded in Nigeria in 2016 and headquartered in the US. Today, they have teams based in Portugal and the US and they are one of the leading digital financiers of SMEs in Nigeria.

Migo is an embedded lending platform that enables companies to extend credit to consumers and small businesses in their own apps. Migo builds proprietary ML algorithms to assess credit risk using the company’s data, then automates credit facilities via a cutting-edge cloud infrastructure, simplifying the complex world of lending with a simple API.

Migo also expands economic access by enabling credit for populations ignored by traditional credit bureaus, in many cases providing life-changing opportunities to lower-income customers. Migo is headquartered in San Francisco and currently operates in Nigeria and Brazil.

  • QuickCheck

QuickCheck is a Nigerian FinTech startup with the mission of providing financial services to underserved consumers. Through data science and a smartphone app, it builds a credit profile and enables Nigerians across the country to access microloans from their phone within minutes, without the need for any form of collateral or guarantor.

QuickCheck uses machine learning to predict borrowers’ behavior and instantly evaluate loan applications. They aim to offer digital financial services to help you get closer to your personal and business goals.

Also read: Global Lending Vendors & Landscape Report Q1 2024

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