Paylater, one of Nigeria’s technology platforms, says it has advanced over $17 million as credit to Nigerians in 2018 just as it celebrates one million downloads of its application.
The tech company said the growth in the number of downloads is supported by a strong early adoption of its bill payments and investments features.
“We are very excited by the market adoption of Paylater and we believe there is still a significant growth opportunity ahead for digital financial services,” Chijioke Dozie co-founder and CEO of Paylater said.
He disclosed in a statement that with over 800,000 registered users, across every the country, Paylater has loaned over $17 million to Nigerian consumers year-to-date
Before Paylater and its likes came into operation only commercial banks, with physical branches and extremely large capital base , had the reach, stability and customer trust to offer financial services to a variety of people.
But the average finance consumer could not access credit from the banks despite providing them with huge deposits as actual ‘banking’ services like loans and investments were reserved for large corporate entities and high net worth individuals.
Data indicates that 61 percent of the adult population in Nigeria, a country of nearly 200 million people, is un- or underbanked. Fintech companies like Paylater, therefore, represent a tremendous opportunity to get formal banking services in the hands of Nigerian consumers to provide much needed liquidity for entrepreneurial investment, personal development, or unexpected expenses.