Option Financial targets MSMEs’ growth with new loan solutions

…Unveils Daily Loan Solutions

The Option Financial Services has entered Nigeria to address the challenges micro small and medium enterprises (MSMEs) face in accessing affordable and flexible loans.

Through its Daily Loan Solution (DLS) designed specifically for petty business owners, the organisation aims to empower entrepreneurs with the funds to grow their businesses, create jobs, and contribute to economic development.

It will also offer MSMEs loans between N100,000 and N500,000 and provide a range of benefits including free financial advisory services, business analytics, and strategic alliances with other big companies.

Speaking at the unveiling in Lagos, Habeeb Fasuyi, chief executive officer of Option Financial Services, said the creation of the loan and other services, was a direct response to the clarion call made by the Nigerian government to Nigerians in the diaspora to come back home and help in the nation-building.

One of the ways to support nation-building, according to him, is to encourage the private sector to engage in activities that would help stimulate the economy.

Fasuyi said the loan will help small business owners who may never be able to provide the collaterals required for accessing regular loans from traditional financial institutions.

The United States-based entrepreneur and financial expert described the launch as a way of giving back to the community. He said the move was inspired by the United States and other developed countries, where the private sectors play pivotal roles in growing and developing the economy.

Describing Lagos State as the economic powerhouse of Nigeria that accounts for over 30 percent of the country’s GDP, he said the company saw an opportunity to create a positive impact on the state’s economy by supporting petty business owners.

On the unique features of the scheme, Fasuyi explained that the product has flexible repayment terms, competitive interest rates, minimal paperwork, quick disbursement of funds, and a customer-centric approach.

“Our loans are designed to be flexible and adaptable to the diverse needs of businesses across various scales. We recognise that different businesses have different needs, and we are committed to providing tailored solutions that meet those needs,” he said.

On requirements for small businesses seeking loans, he said applicants must be active business owners, have valid business registration, bank account and verifiable income source.

He said applicants between 20 and 65 years must have a valid identity card and a utility bill, character and capacity to repay. He added that the company will conduct a credit check and risk assessment to ensure prospective loan applicants can repay.

Earlier, in his keynote presentation titled ‘Expanding Financial Inclusion through Daily Loans,’ Ben Akabueze, former commissioner for Economic Planning and Budget of Lagos State, said daily loans encourage saving culture and financial discipline among small businesses.

He said the goal of financial inclusion is to reduce poverty and enhance resilience among Nigerians.