Jumia, an online shopping destination is at the forefront of supporting SMEs, through the Jumia Lending initiative that gives businesses the opportunity to grow and expand by granting them fast and quick working capital.
Announcing the initiative, Jumia Travel and Food PR Associate, Mr. Adeniyi Ogunfowoke, said some of the advantages of Jumia Lending are easy access to working capital, quick registration process, flexible repayment plan within 1-6 months, low-interest rate, no collateral, no hidden or extra charges and free training and support services to help achieve your business goals.
According to him, an important caveat to qualify for the loan, include a situation where the SME must have been selling on Jumia for at least six months, whose six months average sales revenue on Jumia must be greater than N100,000 and whose six months average items sold on Jumia must be greater than 25 items.
What makes Jumia lending and other digital credit companies quite attractive and the cynosure of SMEs is their flexibility. The paper works are not as taxing as that of the banks and you can get a significant amount between 24 and 48 hours. No bank in Nigeria will grant a loan within this stipulated period without carrying out exhaustive due diligence, Ogunfowoke said.