Branch International, a digital financial firm, which majorly disburses instant loans through its mobile application (app) said it disbursed N1 billion loans since its inception one year ago.
The firm revealed this at media briefing in Lagos Thursday. The Country Manager, Branch Nigeria, Mrs. Maria Rotilu, who disclosed this said: â€œWe have been in the country for about a year now and the growth has been great. I think what is fascinating about it is that it underscores the fact that there is a need here.
â€œSince we started, we have issued over 100,000 loans with over 250,000 and we have disbursed over N1 billion.â€
Also, the CEO & Co-founder Branch International Mr. Matthew Flannery said the mission of the firm is to provide world class financial services to the mobile generation, adding that it decided to start with loans because it is a way to appeal to the general public and gain lots of users.
â€œI couldnâ€™t be more thrilled to be working in Nigeria with Branch. The start-up community is incredibly dynamic, and the country is poised for a fintech explosion.
â€œThe 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.â€
Branch offers a unique proposition to the average Nigerian, providing users with access to instant loans on their mobile devices.
Android smartphone users can receive loans between N3,000 to N150,000 requiring no face-to-face meetings, lengthy application processes, collateral or paperwork.
â€œAs 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,â€ the firm explained.
â€œUnlike traditional financial institutions, Branch provides customers with the opportunity to build their credit regardless of their banking history by assessing their loan eligibility based on the data procured from customerâ€™s smartphones.
â€œWith the customersâ€™ consent, Branchâ€™s algorithm processes thousands of data points to create customised loan options.
â€œThese data are protected using world class security and encryption techniques to ensure the safety of customersâ€™ private information,â€the firm added.