Egoras, Nigeria’s fintech startup, has announced the launch of its zero-interest microcredit services to provide simplified financial solutions to small-business owners. This is in a bid to increase the drive for financial inclusion and access to funding for Nigerians for both personal and business needs.
The launch of the instant interest-free loans aims to revolutionize the Nigerian-financial ecosystem through the introduction of a novel business model that thrives on the collateralization of fairly-used assets such as electronics, furniture, and other types of household assets.
This is to further the goal of providing instant credit facilities to the unbanked and underserved persons within the Nigerian financial ecosystem.
“Our vision as a fintech company is to build a digital ecosystem that thrives on blockchain technology which empowers Nigerians and small businesses to access instant microcredits seamlessly. We aim to promote economic growth and development across Nigeria, including the African continent, through the creative elimination of financial institutions that make access to credit facilities difficult due to high-interest rates,” Ugoji Harry, Chief Executive Officer, Egoras, said.
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Egoras is a fintech company that is about building sustainable credit systems through utilizing blockchain technology to facilitate the execution of low-microcredit transactions across Nigeria and other African countries. This is to enable small businesses to access credit facilities through a decentralized financial process.
The system, according to the company, is centred around the exchange of used assets for repayment purposes to support the growth of Nigerian business, particularly the unbanked or underserved communities.
Moses Mudiaga, Media Director for Egoras, stated that the adopted business model of the organisation would redefine the operations of the financial ecosystem across the African continent, particularly Nigeria.
“We understand the pain points of Nigerians, especially small-business owners, who are frantically striving to access microcredits to either cater for their private needs or to upscale their business operations. It is on this understanding that we have designed a bespoke microcredit scheme that seeks to support Nigerians and small enterprises through the provision of zero-interest instant loans with a flexible repayment plan,” Mudiaga said.
