Branch International facilitates N1 billion loan in Nigeria
Branch International, an emerging digital financial platform, has facilitated about N1 billion worth of loans for users of its innovative solutions in Nigeria.
The firm, which started operations in the country’s financial-technology industry last year, said despite the proliferation of Fintech operators, it has successfully distinguished its activities as providers of trusted financial services.
According to the company, through its innovative approach to lending, Branch has provided financial services to the underserved and unlocked financial access to customers around the country.
It also said it provides fast, fair and flexible loans without late fees, hidden charges, rollover fees or restrictions on money expenditures.
The company, which operates in Kenya, Tanzania, India, Mexico and Nigeria, said it has over one million users, processed six million loans and disbursed about $250 million loans so far these years across countries of operations.
In Nigeria, it has over 200, 000 users, issued over 100,000 loans and disbursed about N1 billion to users of the financial app.
The Chief Executive Officer, Matthew Flannery said: “I couldn’t be more thrilled to be working in Nigeria with Branch. The startup community is incredibly dynamic, and the country is poised for a FinTech explosion.
“The early response from our customers shows that there is a massive need for a product like Branch. We hope to play a significant role in increasing access to modern financial services in Nigeria over the next decade.”
Flannery explained that Branch offers a unique proposition to the average Nigerian, providing users with access to instant loans on their mobile devices.
He said Android smartphone users can receive loans between N3,000 to N150,000 requiring no face-to-face meetings, lengthy application processes, collateral or paperwork.
“As Branch customers repay their loan, they unlock access to larger loan amounts and more flexible terms. More than 75 per cent of customers use Branch loans to help start or grow their business or meet financial obligations.
“Notwithstanding, Branch has no restrictions on the usage of the loans; customers are given the independence to make their own financial decisions.
“Unlike traditional financial institutions, Branch provides customers with the opportunity to build their credit regardless of their banking history.