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SME Loans Platform In Nigeria


The need for SME loans
Per a 2018 PwC report, SMEs contribute 48% of national GDP, account for 96% of businesses and 84% of employment in Nigeria. This clearly shows that a healthy SME industry is vital for the growth of any economy.
Here are few digital platforms lending to SMEs in Nigeria:
1. Lidya - SME-only digital lender
Lidya is one of the leading platforms for small & medium business lending in emerging markets. Launched in November 2016, with a mission to close the credit gap, both in Nigeria and across emerging
markets.
Businesses who are looking for $500 to $50,000 in working capital can apply online or via their mobile phone and get a decision within a few hours pending all requirements are satisfied. To assess credit risk, 
Lidya uses close to 100 data points to evaluate businesses, build a credit score unique to each business, and disburse loans based on credit profile of such enterprise.
  • Loan amount: N150,000+
  • Interest rate: 3.5% per month
2. Kiakia - Quick digital credit 
The Abuja-based digital lender offers swift loans to small and medium enterprises in Nigeria. Backed by Sterling Bank Plc, the lending platform also allows savers to lend out funds at negotiated interests through intuitive conversations.
  • Minimum Loan amount: N50,000
  • Interest rate: 3.5% per month

3. Renmoney – loan for micro-businesses
Renmoney provides micro-business loans up to N4 million. To get a Renmoney SME loan, your business must have a good income statement history and can boast of regular monthly earnings for repayments.
  • Minimum Loan Amount: N100,000
  • Interest rate: 2.8% per month
4. Carbon - Carbon for Business
Carbon, formerly Paylater recently launched Carbon for Business to serve startups, small and medium-sized enterprises (SMEs) and FinTechs with a loan to scale their businesses.
Carbon, like others, generates your credit Bank Verification Number (BVN) to determine your loan worth.
  • Loan amount: Up to N20 million
  • Interest: Varies

5. C24 - retail loans for consumers 
C24 is a financial institution that provides retail loans for consumers in need of quick financial solutions. The company is focused on delivering services that can be accessed online, from any internet-enabled device anywhere within Lagos, Nigeria.
  • Loan amount: Upto 5 million
  • Interest rate: 4% per month
6. QuickCheck - Online quick SME loans
This loan app helps Nigerians access instant online quick loans without collateral and is accessible to both employees and SME owners. 
  • Loan Amount: N1,500 - N500,000
  • Loan Interest: 5% per month
7. SMEDAN - Government-backed SME loan
SMEDAN is a government-backed initiative that offers quick business loans to Nigerian SME businesses in need of financing. The core mission of the organisation is to promote entrepreneurship among Nigerians and also provide capital to start the business.
Aside funding, SMEDAN also provides business owners with hands-on training and support to help them run their business. 
  • Minimum Loan Amount: N100,000
  • Interest Rate: 4%/month
8. Eazzicash - Business loan
EazziCash offers immediate financial needs for small business owners under two products classes. These are EazziAssist and EazziPawn.
  • Maximum Loan amount: N5 million
  • Interest rate: Not clear
9. FastCredit SME loan
FastCredit offers business loans to micro, small and medium enterprises to support business growth. The loans are backed by guarantors and are for a maximum tenor of 6 months for business owners that meet the criteria.
It presently operates in all the Southwestern states in Nigeria except Ekiti state. SMEs will need to show proof of business and residential address to be able to get instant FastCredit SME loan.
  • Minimum Loan Amount: 100,000
  • Loan Interest Rate: 4%/month.

1 comment:

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