In Nigeria, a country of nearly 200-million people, 61% of the adult population is unbanked or underbanked.
Fintech companies like Paylater represent an opportunity to get formal banking services in the hands of Nigerian consumers to provide 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 five minutes, with no need for paperwork, collateral or guarantors.
With over 800,000 registered users, across every Nigerian state, Paylater has loaned over $17-million 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,” says Chijioke Dozie, co-founder and CEO of Paylater.