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 recently.
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 smart phones,â€the firm added.
RMB Pledges More Support for Arts
Rand Merchant Bank, a subsidiary of FirstRand Group in Nigeria has reaffirmed its resolve to supporting the Nigerian arts as well as the creative industry, even as it hailed the countryâ€™s business environment for being rewarding.
Speaking in Lagos recently, on the sidelines of the celebratory dinner, as part of activities marking the bankâ€™s five years anniversary in Nigeria, Managing Director/Chief Executive Officer of the newly launched Rand Merchant Bank Nigeria Stockbrokers Limited, Abiola Adekoya, said the bank believes in arts and would continue to partner to add value to the industry.
â€œThe reality is that Rand Merchant Bank is a bank that believes in arts. So, weâ€™re very focused on arts, and yesterday we had an art exhibition where we showcased two artists and three young and upcoming artists. â€œWeâ€™re very conscious of the art and weâ€™re very focused on the arts,â€ Adekoya explained.
â€œAnd today was another way to celebrate the arts as well, and we said what better way to celebrate arts and celebrate our anniversary than by sharing it with our investors, our clients and also our members of staff who have worked so hard with us in the last couple of years.
â€œSo, itâ€™s really about appreciating our clients and what theyâ€™ve done with us in the past five years and also being able to celebrate together with our members of staff as well. Rand Merchant Bank has a commitment to being a partner in the art and weâ€™ve done that severally. We always support them and weâ€™ll always continue to support the arts,â€ she noted.
According to her, doing business in Nigeria has been very rewarding, adding: â€œwe appreciate Nigeria, and Nigeria is a place where weâ€™re committed to having a long-term presence.
â€œSo, we like Nigeria, weâ€™re very interested in the Nigerian community, and we want to continue to be proud of the Nigerian unifying system.â€
Adekoya disclosed that the financial institution has lots of plans for Nigeria, reaffirming their commitment to the Nigerian economy.
â€œWeâ€™re present and weâ€™re committed to serving Nigeria and serving our clients in Nigeria well.â€