NOLT Finance, a disruptor in the social impact banking space, has secured an operating license from the Central Bank of Nigeria to provide investment, loan and other financial services to businesses in the Nigerian market in a drive to deepen financial inclusion.
“The CBN license gives us the eligibility to do business in a way that gives everyone confidence. This also enables us to tap into multiple sources of funding. For example, CBN has a lot of schemes to make finance accessible to different segments of the economy. So, we would also be benefiting from such provisions,” Babatunde Dada, CEO, NOLT Finance, stated.
Dada stated that the license enables the fintech start-up to provide investment and loan services to SMEs, corporate and individuals across the country; just as it provided legibility and credibility for NOLT Finance as a brand.
On NOLT Finance services, Dada explained that the company offers working capital loan, asset finance and salary earners loan to individuals. “There are two arms to our business: the investment and the lending arm as stipulated by CBN regulations. Our lending to SMEs is from 100,000 to a maximum of N20m. On the personal side, it’s from 100,000 to N5m. Other loan options include Annuitant Loans (for retirees), Invoice Financing, Auto Financing and Securities Lending”.
Dada said NOLT Finance services are technology-driven, adding that the company is equipped with the expertise and personnel to deliver prompt financial services which are now needed more than ever across the country.
“On the investment side, we offer services starting from N100, 000 to both retail and corporate customers. Our rates are quite competitive and above inflation. Typically, we can’t do anything exceeding 12 months.
“When I was on the investment side of finance, I noticed that people tended to need financing mostly. They approached me, but what I offered was investments. So we discovered there was a massive opportunity gap that was not adequately serviced. We also noticed the advancement of technology which makes the business better,” Dada stated.
The NOLT Finance CEO stated that its customer services, price point and speed, set it apart from competitors. According to him, the company’s financial services are set out to help clients turn their businesses around within 24 hours. On how to access NOLT Finance offerings, Dada said that customers can apply via the app, company website, or visit their offices.
“So it’s a case of timing, technology and having the right partners onboard. We’ve got lawyers, tech experts and experienced accountants to provide the best service in this market. NOLT stands for ‘No Long Things’. For us at the beginning, we wanted a business that provides quick services. We are very speedy; everything we do is with a sense of urgency. We don’t keep our customers waiting,” Dada stated.