Monday, July 14, 2025
22.9 C
Lagos

Paylater, Credit Mobile App in Nigeria Tops 1m Customers

In Nigeria, a country of nearly 200 million people, 61% of the adult population is un- or underbanked. Fintech companies like Paylater 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.
Consumer credit is nearly non-existent in Nigeria. But, Paylater is issuing loans to Nigerians completely digitally, without seeing or speaking to customers. Customers can receive funds in their account in as little as 5 minutes, with no need for paperwork, collateral or guarantors. Digital financial services platforms have been well received by consumers and it appears that fintech platforms like Paylater are here to stay.
The evidence is in the numbers. With over 800,000 registered users, across every Nigerian state, Paylater has loaned over $17M USD to Nigerian consumers in 2018 so far. The technology platform has supplemented that loan growth with very strong early adoption of its bill payments and investments features as well.
“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.

spot_img
spot_img
spot_img

Hot this week

NAICOM, Insurance Industry Mourn Buhari

It is with profound sadness that we received the...

Polaris Bank Partners Woodhall Capital, UK, Lagos State in ₦1.5bn Creative Economy Fund

L-R- Abimbola Ozomah, Executive Director, Polaris Bank; Mojisola Hunponu-Wusu,...

Heirs Insurance Group Reports N61bn GWP in 2024, an Increase of 70%

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has...

Stanbic IBTC Holdings Meets CBN’s N200bn Recapitalisation Policy

In a landmark achievement that highlights the steadfast confidence...

SanlamAllianz Partners NCRIB on 2025 Empowerment Series

Dr. Abosede Adegbite, Consultant, Family Physician; Tope Adaramola, Executive...

Topics

NAICOM, ICRC Partner on Insurance of Assets under PPP Model

L-R: The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin...

Emirates – A Flight of Fortune

The story of Emirates is no less fascinating each...

Pension Industry Grew 15% to N5.3tr at End 2015

The aggregate assets under the Contributory Pension Scheme ...

The Economist’s Nigeria Summit 2016 Set for March 7

The Economist magazine has concluded plans to hold the...

‘Africa Must Digitise, Reform Tax Code to Finance Development

Africa must digitise its economies, broaden its tax base, prevent further...

NIA Congratulates Segun Bankole on Election as CAMCONIA Chairman

The Nigerian Insurers Association (NIA) has sent a message...

$1tn Economy: Experts to Discuss Insurance, Pension Impact at NAIPE Confab

The Nigerian Association of Insurance and Pension Editors (NAIPE)...
spot_img

Related Articles

Popular Categories

spot_imgspot_img