Option Financial Services unveil new loan solutions to support MSMEs

In its bid to support the growth and sustainability of micro, small and medium enterprises (MSMEs), Option Financial Services (OFS) has launched daily loans solutions (DLS) to eliminate the bottlenecks faced by these group of businesses in accessing flexible loans.

Through the DLS, the firm hopes to empower small business owners and entrepreneurs with free collateral loans to grow their businesses and contribute to economic development.

Speaking at the official launch of the product in Lagos, the Founder and Chief Executive Officer, Habeeb Fasuyi, said the decision to introduce the collateral-free loan was part of efforts to support the government in its economic growth agenda.

He added that the initiative was a direct response to calls by the Federal Government to Nigerians in the diaspora to return home and help in nation-building.

This, he noted, could be achieved by encouraging the private sector to engage in activities that would help in stimulating the economy.
“This is our little way of giving back to the community and we are inspired by the United States and other developed countries, where the private sectors, via different initiatives, play pivotal roles in growing and developing the economy.”

Explaining his motivation to establish the loan service, despite existing loan companies in the country, Fasuyi said: “We recognised a significant gap in the market for accessible, affordable, and flexible loan solutions tailored to petty business owners in Nigeria. As Lagos State is the economic powerhouse of Nigeria, accounting for over 30 per cent of the country’s Gross Domestic Product (GDP), we saw an opportunity to create a positive impact on the state’s economy by supporting petty business owners.

“DLS is a revolutionary loan product designed specifically for petty business owners. Our goal is to empower these entrepreneurs with the necessary funds to grow their businesses, create jobs, and contribute to the economic development of Lagos State and Nigeria as a whole.”

Speaking further, Fasuyi explained that DLS has flexible repayment terms, competitive interest rates, minimal paperwork, quick disbursement of funds, and a customer-centric approach.

According to him, the loan product offers between ₦100,000 to ₦500,000, adding that the firm also provide a range of benefits, including free financial advisory services, business analytics, and strategic alliances with other big companies. He, enjoined interested business owners to apply through the company website, mobile app, or by visiting any of the designated branches in Lagos State.

For such loan seekers, Fasuyi highlighted the requirements to include active business owners, valid business registration, a bank account, and verifiable income source.

Besides, he added that the age should be between 20 and 65 years, while the applicant must have a valid identity card and utility bill, character and capacity to repay. “We conduct a credit check and risk assessment to ensure our clients can repay the loan.”

Fasuyi further stated that OFS offers a range of other loan products with single-digit interest rates, including working capital loans, business expansion loans, equipment financing loans, and emergency loans.

The financial expert pointed out that each loan product is tailored to meet the specific needs of the clients, providing them with the necessary funds to grow their businesses.

He said: “While our primary focus is on supporting petty business owners in Lagos State and beyond, we also cater to owners of medium-scale enterprises. Our loan products are designed to be flexible and adaptable to the diverse needs of businesses across various scales. We recognise that different businesses have different needs, and we are committed to providing tailored solutions that meet those needs.”

In his keynote presentation titled: ‘Expanding Financial Inclusion through Daily Loans,’ a former commissioner for Economic Planning and Budget in Lagos State, Ben Akabueze, said daily loans encourage savings culture and financial discipline among small businesses. Akabueze noted that the goal of financial inclusion is to reduce poverty and enhance resilience among Nigerians.