Seyi Johnson
Seyi Johnson, a 23-year-old graduate, could not stop worrying that her MBA dreams were washing away. How could she ever raise the money to further her education and finally fufil her life of a "perfect future”?. The Bank representative she spoke to told her that she didn't stand a chance of getting a loan because she had no real job - which would have helped her establish a dependable credit score. As she stared into the ceiling of her little room, all she could see was the image of an email from her dream school that reads: “Offer Withdrawal for MBA Program".
Nurudeen Yusuf
Then there is Nurudeen Yusuf, who is troubled by the idea of his son not starting school this year because he could not afford all the fees that came with fresh-man year in the University. His son had just asked him if there was any good news from the Microfinance bank. Nurudeen believed that his furniture store was enough to serve as collateral. He could not think of other means of getting funds for his 17-year-old son, whose school would be starting the following week.
Lucy Ndem
Lucy Ndem, a 34-year-old who sells human hair extentions, felt let down by her bank. Her account manager just informed her that her loan application had been denied. She had been banking with the same bank for nearly 12 years and had grown her hair business steadily for over 7 years. This shook her. Business loans from banks are better they said, after having a bad experience taking loans from Microfinance Banks with interest rates eating into her profit like a leech. With nowhere else to turn, she will return to the micro-finance bank and take loans with interests that outweigh her profit.
Henry Nwosu
Henry Nwosu, an account officer at a top Bank whose job is handing out loans, has been queried to explain why he hasn’t met his target of finding people to take loans. His credit asset pile up month after month, and no one is willing to take them. In the last five months, every customer of his who managed to pay up their loans is blocking Henry from selling them more loan products, due to the high-interest rates on the loans. Henry would not meet his Q4 earnings. What else could be done?
Seyi, Nuru and Lucy all have something in common. While Henry has the solution to all their problems if things will be done in his way, the right way. That is why we are creating a platform where someone like Henry is just another person with the resources to help/lend money to other people in need of them, at the same time, turning in a profit for himself.
In Nigeria, there is a problem accessing credit depending on what social strata you belong to. This is what Crendly is up to, putting that power in the hands of people like you, getting access to the funds where you decide the terms and using Crendly as a tool, where you can act as a one-man bank with little to no risks, yet turning in profits like the big banks.
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