Nigerian fintech start-up, Egoras, has launched interest-free microloan services to provide simplified financial solutions to small business owners in the country.
According to the company, the move is aimed at increasing the desire for financial inclusion and access to finance among Nigerians for their personal and business needs.
The company said interest-free loans aim to revolutionize the Nigerian financial ecosystem through the introduction of a new business model that thrives on the collateralization of fairly used assets such as electronics, furniture and other types of household assets.
This, according to the company, is to promote the goal of providing instant credit facilities to the unbanked and underserved within the country’s financial ecosystem.
Commenting on the launch, Egoras CEO Ugoji Harry noted that the recent development reinforces the company’s commitment to serving the financial needs of Nigerians by leveraging the latest financial technologies.
He said the company’s vision is to build a digital ecosystem that thrives on blockchain technology, which enables Nigerians and small businesses to seamlessly access instant microloans.
“We aim to promote economic growth and development across Nigeria, including the African continent, through the creative weeding out of financial institutions that make access to credit facilities difficult due to high interest rates.
“It is against this background that we have developed a unique system centered on the exchange of used assets for reimbursement purposes to support the growth of Nigerian businesses, especially unbanked or underserved communities,” he said. -he declares.
Speaking on the development, Egoras Media Director Moses Mudiaga said the business model adopted by the organization will redefine the operations of the financial ecosystem on the African continent, particularly in Nigeria.
“For us at Egoras, we truly understand the pain points of small business owners, who frantically strive to access microcredit to meet their private needs or improve their business operations. It is on this basis that we have designed a bespoke microloan program that aims to support Nigerians and small businesses through the provision of zero interest instant loans with a flexible repayment plan,” he said. .