Tech

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

Published

10 months ago

February 7, 2024

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.

Related Topics:Featured Online Loans Veend

Click to comment

Tech

Ghana partners with The Gambia to provide free roaming services

Published

1 day ago

November 21, 2024

Isaac Dachen

Ghana and The Gambia are in the process of launching free roaming services that will enhance a West African connectivity.

The plan which is a joint initiative of the Ghana Ministry of Communications and Digitalisation and The Gambian National Communications Authority (NCA) will see mobile users in both countries avoiding extra charges for calls, texts, and data, which in turn, is expected to boost trade, tourism, and economic integration across borders.

The collaboration, according to a joint statement by the two bodies, aligns with the Economic Community of West African States’ (ECOWAS) broader push for seamless regional communication.

“Ghana and The Gambia are forging new paths in West Africa’s digital landscape, implementing a free-roaming initiative,” the statement said.

“This move strengthens regional connectivity while highlighting the role of technological collaboration in fostering economic integration. The initiative enables mobile users travelling between the two nations to make calls, send messages, and use data services without additional roaming fees.”

It further noted that by reducing these costs, the program aligns with the ECOWAS Free Roaming Initiative, which seeks to eliminate barriers to communication across member states.

“It is a boost for trade and travel as the free roaming plan is expected to spur economic activities by streamlining cross-border communication.

“Businesses and individuals travelling between Ghana and The Gambia can now stay connected without worrying about exorbitant charges, facilitating smoother transactions and personal interactions. The initiative is also expected to attract more tourists by ensuring seamless digital access for visitors.

“This collaboration marks another milestone in Ghana’s commitment to expanding digital connectivity, following Ghana’s successful implementation of similar agreements with Côte d’Ivoire, Togo, and Benin, with talks of possible roaming partnerships with Liberia.

“By focusing on digital integration, Ghana and The Gambia demonstrate the power of technology to bridge gaps between countries. This step also serves as a model for other West African nations to join the free-roaming framework, contributing to the larger goal of a connected and economically integrated region,” it added.

Tech

Tanzania to host 6th Ocean Innovation Africa summit in February

Published

2 days ago

November 20, 2024

Isaac Dachen

Dar es Salaam, Tanzania, has been selected to host the sixth edition of the Ocean Innovation Africa (OIA) summit from February 24-28, 2025, as a flagship event within Regenerative Ocean Week.

The Ocean Innovation Africa is set to be Africa’s most significant platform for Ocean Innovation conservation, and sustainable development in the blue economy. OIA2025 will be co-organised with leading partners, including IUCN, GIZ, OceanHub Africa, Catalyze and the Ocean-Climate Platform.

With the theme, “Science-to-Solution”, the Regenerative Ocean Week will present a line-up of sessions designed to bridge the gap between scientific research, business innovation, policy, and community engagement.

According to the organizers of the event, it will bring together African ocean innovators, investors, researchers, policymakers, and community leaders to explore practical solutions that can be applied across the continent.

“These include the OIA Pitch Competition, which is a platform for Africa-based startups and entrepreneurs to showcase breakthrough ideas in ocean-impact solutions, allowing them to connect with investors and industry leaders and emphasizing Africa’s role in driving sustainable ocean initiatives,” the organizers said in a statement.