How Rosabon is making it easier for small businesses to acquire assets
Rosabon Financial Services, a member of the Concept Group based in Lagos, is the first in the list of companies that will be spotlighted based on their reliability of service and transparency in operations in Nigeria. In an interview with Chidimma Onyeokoro, Group Head of Strategy and Marketing, she shared the company’s unique products and how they are helping individuals and SMEs to succeed. Excerpts:
Running a business and living a desirable lifestyle for an individual in a country like Nigeria can be challenging. Most times, the seemingly minor decisions we make concerning our business or lifestyle needs can have major consequences in future. However, having the advantage of an experienced financial company can make a big difference in the decisions we make and the outcomes.
Rosabon Financial Services, a leading financial advisory and asset leasing firm prides itself as a holistic financial institution with a plethora of products specially designed to help achieve the needs of corporate and consumer clients in the market, this they have done in all of 25 years, the company has played key roles in providing services and solutions for clients thereby helping them achieve their dreams.
According to the Group Head of Strategy and Marketing, Ms Chidimma Onyeokoro, Rosabon’s business model is premised on providing easy access to credit and repayment in order to meet the clients’ pressing needs.
“Rosabon is a major player in collateralized and non-collateralized lending for consumers and corporate market. We also play significant roles in investment funds placement, management and now we are active in the leasing industry. We have a dream to have the financial lending market play a key role in industry development. This is because in most capitalist cultures, lending drives development of multiple industries. It allows for the consumer goods to thrive because credit increases the purchase threshold and makes buying easier especially with the credit card as compared to having to apply for loans.
It is a fact that the middle class of the United States for example, subsist on debt from their daily expenditures, to car leases, mortgages for their homes and they have the luxury of paying back at leisure with ease. When people are more liquid either by debt or by income, they are able to spend more. This drives consumer goods purchase, which drives manufacturing. If demands go up, it drives logistics and as logistics expand, economy of scale takes place which makes it cheaper to get a unit item. This dream can also be the Nigerian dream” she said.
Speaking about Rosabon’s packages, Onyeokoro listed an array of products which she said are targeted at Small and Medium Enterprises across the country. She revealed that the company is opening up to the investing public to participate in lending to small businesses through them to get strong returns on investment as they help their growth.
“One of our products is the Rosabon Education Support Initiative (RESI), designed to drive ease of tuition payment for parents with children in school. Many parents dream of sending their children to a certain caliber of schools but what makes them shy away is paying the bulk tuition upfront. What we have done is to synergize with some schools and invite parents to come to us and we pay their children’s fees while they pay us back on a monthly basis. We discovered that parents find this more comfortable and they can succeed in sending their children to better schools.
“Another package we have is putting clout in Nigeria’s medical industry. We found that many hospitals have the capability but lack the necessary equipment like the ultrasound, the X-ray, the CT scan or the MRI machines. We have created a medical leasing initiative that makes it easier for hospitals to acquire these equipment. We have partnered with big suppliers like Phillips to make these equipment available to the hospitals and they pay us on a monthly basis. This initiative has enabled many hospitals to expand their capacity and ultimately their turnover. With this, we believe we can salvage the capital flight in medical tourism to foreign countries.
“A new service we recently launched is the Specialized Equipment Leasing. We are expanding the scope of the products we lease by trying to help different companies who have challenges in acquiring assets or equipment. What we do is lease these assets to them and also maintain them so that they can focus on their core competencies.
“Our expansion covers the agricultural, logistics and manufacturing industry with equipment like forklifts, excavators, tractors and other non-vehicular assets. We are making it easier for small businesses to acquire assets in the interim. By providing short term operating leases for them, it makes it easy for small and medium companies to take up bigger contracts and projects that otherwise would have been beyond their capacity”, she added.
Onyeokoro remarked that Rosabon’s holistic product offerings go through the life journey of the client from the university down to retirement referring to it as a lifestyle gamut of products that makes life easy for anyone.
“From your first job, we have a monthly funds savings plan, when you want to get your first car, we have a package that allows you to lease, when you want to get married, we have a lending package that allows you to get access to funds, when you want to get your first house, we will be at your side to provide a package that makes it stress-free, when you need to pay tuition for your kids, we also have a customized package for that. So, at every point, Rosabon has a specially tailored financial package to meet your needs”, she concluded.
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