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Nigerian Fintech Startup, Truesaver, gives out First Tranche of Palliatives to low-income earners

In line with its corporate strategy of giving back to Nigerians, TrueSaver, a fintech startup has rolled out its first tranche of palliatives to low-income earners in order to cushion the adverse effect of the lockdown brought about by the deadly coronavirus.

TrueSaver has issued upfront zero-interest loans to 50 Nigerians which will increase their purchasing power and enabled them afford necessities like food, toiletries, facemasks and other essential commodities.

The loan which will be repaid over a 10-month period and is aimed at empowering the beneficiaries whose livelihoods have been adversely affected by the lockdown.

Also, TrueSaver participated in the distribution of face masks, hand sanitizers, hand gloves and other essential protective equipment at a subsidized price.

Read also: Covid-19: Nigerias SEC says leveraging fintech in regulation

The Founder and CEO of TrueSaver, Victor Osiki, said that the palliatives were rolled out as the company’s efforts geared towards curtailing the spread of the deadly virus.

“The second tranche is scheduled to be rolled out at the wake of the phased reopening of the economy (post-lockdown) by providing upfront interest-free loans to individuals and small businesses that need liquidity in the first few weeks of resumption,” Osiki said.

One of the beneficiaries of the TrueSaver palliative, Oghonemu Darlington, while expressing his joy on the company’s Instagram page @truesavernet, said that the loan was useful at this particular time while another beneficiary, Tobi Adebanjo, when contacted, had this to say: “thanks to TrueSaver. The palliative I got from them came at a time I really needed it. Not only are they a TrueSaver, but they are also a lifesaver.”

TrueSaver is a fintech startup that provides zero-interest loans to individuals and small businesses by leveraging group rotational savings. Truesaver.net is a digital savings platform (also known traditionally as “ajo” in Yoruba, “esusu” in Ibo and “adashe” in Hausa) that allows Savers access interest-free loans for meeting future financial obligations like house rent, school fees, travel expenses, wedding ceremonies, and other expenses.

In Africa, the coronavirus is beginning to advance through major cities and into towns. Compared to European and US cities, the confirmed cases in Sub-Saharan cities has remained relatively low. However, experts from the World Health Organisation estimate that 10 million Africans could catch the virus in the next six months.

Nigeria has at least 3,000 confirmed cases of coronavirus patients, according to the Nigeria Centre for Disease Control (NCDC).

In a bid to curtail the spread of this virus, the Nigerian Government imposed a lockdown order in some states. The resultant effect of the lockdown has affected low-income earners who depend on daily income for their daily bread.

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