Connect with us

Tech

Nigeria’s online loan platform Veend repositions to provide on-demand access to cash

Published

on

Nigeria’s online loan startup, Veend, has announced its intention to reposition its services to provide on-demand access to finance for emergency or working capital purposes to borrowers with verifiable income.

Co-founder and CEO, Olufemi Olanipekun, who made the announcement on Tuesday, said the company which came on board in 2021 was upgrading its services which included “providing instant loans online, meeting urgent personal needs with quick cash loans in less than five minutes without collateral” for customers.

“Our biggest customer group are Nigerian civil servants who are married with children, and barely earn enough to keep up with their household expenses,” Olanipekun said.

“So they set up side businesses like farms and bakeries, and some of them sell construction materials so they can earn more money to afford the necessities of their household.”

“For this customer group, Veend provides on-demand access to funds via USSD, mobile app, credit-enabled cards, and website.”

“Credit penetration is still low in Africa and is currently at 13 per cent in Nigeria. Though it is easy to lend, the problem that has prevented credit from growing sustainably is the problem of defaults.”

“We are taking another approach by educating consumers on how to be a responsible borrower and how to manage their finances, and we are providing tools to help them earn more.”

“Our model differs from that of the competition because we can access alternative data after getting consent from the customer and deduct repayment directly from the customer’s income source,” Olanipekun said.

“This approach allows us to maintain a low default rate. We also do not harass our customers if they default. We know life happens sometimes. Instead, we help them by recommending how they can restructure their finances to suit their new situation,” he added.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Tech

M-PESA partners IFC to increase financial inclusion for farmers in Mozambique

Published

on

Mobile money transfer and payment service provider, M-Pesa, has entered into a partnership with the International Finance Corporation (IFC) aimed at boosting financial inclusion for small-holder farmers in Mozambique.

The agreement will see IFC cooperating with Vodafone M-PESA Mozambique to support M-PESA in several key areas, including revamping and strengthening its existing agent network and conducting comprehensive countrywide training for M-PESA’s sales team and agents.

IFC will also assist M-PESA to review and expand its merchant acquisition and management strategy in Mozambique, and support M-PESA’s activities across different regions.

Sergio Gomes, Director of Vodafone M-PESA Mozambique, who announced the partnership, said the IFC and M-PESA Mozambique will “work together to explore and pilot new ways to expand mobile money services in rural areas, with the aim of increasing financial inclusion for smallholder farmers.”

“We have seen very positive results since M-PESA was launched in Mozambique in 2013 having paid about 9 billion Meticais ($142 million) in commissions to agents just in the last 5 years,” said Gomes.

“The new phase of M-PESA will focus on expanding our value proposition and use cases to limit the use of cash in the economy. One important vertical where we want to intervene is in agriculture where payments are dominated by cash.

“We believe that through this partnership with IFC, we can have an impact on farmers by digitizing their value chains beginning with payments received for their produce and moving out to developing more sophisticated products like insurance,” he added.

Continue Reading

Tech

Opera MiniPay wallet celebrates 1 million users in Africa

Published

on

Opera MiniPay wallet, a self-custodial dollar stablecoin wallet, has announced a significant achievement of surpassing one million users across Nigeria, Kenya, and Ghana.

Charles Hamel, Product Director at MiniPay, who made the announcement, said the stablecoin wallet had seamlessly integrated into the Opera Mini browser for Android users and built on the Celo blockchain.

“The MiniPay wallet has been designed to be intuitive for users of all experience levels to reap the benefits that decentralized finance can bring,” Hamel said.

“Via a familiar Web2 experience, MiniPay makes it easier and more affordable for individuals across Africa to acquire, send and receive Mento cUSD stablecoins – simply by using mobile phone numbers.

“The wallet enables users to save, send, and receive funds instantly on their mobile phones with very low transaction fees and with a mission to onboard millions of users to Web3 across Africa, Celo and Mento Labs aim to provide accessible financial tools through MiniPay embedded in Opera Mini,” he stated.

According to Hamel, MiniPay enables fast, easy, and affordable payments through its stablecoin wallet, offering sub-cent fees through the Celo network.

“MiniPay is currently live in Nigeria, Kenya, and Ghana, with plans for expansion into South Africa, and more,” Hamel added.

Continue Reading

EDITOR’S PICK

Metro23 mins ago

Hardship: Nigerian govt to resume direct cash transfers to 12m citizens

Nigeria’s Minister of Finance and Coordinating Minister for the Economy, Wale Edun, has revealed that the federal government will resume...

Musings From Abroad53 mins ago

US keen on expanding bilateral trade with Nigeria

According to the US Consulate in Nigeria, it is looking for ways to guarantee prosperity for Nigeria by increasing bilateral...

Strictly Personal1 hour ago

Nigeria’s Currency Crisis: Time to deploy Amotekun, By Chinedu Chidi

I have thought long and hard about just the right solution to the downward spiral of the Naira, and confidently...

Sports14 hours ago

Kelvin Kiptum: Autopsy reveals late Marathon record holder died from head injuries

An autopsy carried out by the Kenyan government has revealed that late world marathon record holder, Kelvin Kiptum, died from...

Tech14 hours ago

M-PESA partners IFC to increase financial inclusion for farmers in Mozambique

Mobile money transfer and payment service provider, M-Pesa, has entered into a partnership with the International Finance Corporation (IFC) aimed...

Culture14 hours ago

Director of ‘Dahomey’ Mati Diop shines at Berlin Film Festival 2024

Senegalese-French writer and and director of African documentary movie, “Dahomey,” Mati Diop, made history when her movie was selected for...

Metro14 hours ago

Zambian govt begs citizens in diaspora to help attract foriegn investment

The Zambian government has called on its citizens in the diaspora to help in attracting foreign direct investment to the...

Musings From Abroad16 hours ago

UN sanctions six Congolese rebels over crisis in its eastern region

Six members of five armed organisations in the eastern Democratic Republic of the Congo (DRC) have been sanctioned by the...

Strictly Personal17 hours ago

The problem of DRC’s beautiful wife, maize it planted by roadside, By Charles Onyango-Obbo

Watching the upheaval in the Democratic Republic of Congo in recent days, one is tempted to invoke the African proverb...

VenturesNow20 hours ago

Nigerian govt ‘may open border for importation of cement’

The Nigerian government has issued a warning to cement producers, stating that if they continue to raise prices arbitrarily, it...

Trending