….Promises Good Business Opportunities.
Nigeria is Africa’s second most populous country, however, it’s underdevelopment of finance infrastructure has made it a perfect destination for Pocketfuel Finance Ltd, where the underbanked who may not have full documentation for loan processing, are given a chance to prove their credibility by way of a verified guarantor, while getting their quality of life improved.
In simple terms, Pocketfuel Finance Ltd is in the business of standing as a buffer to ease financial stress in times of related urgencies. According to the CEO, Fome Amaye, his experience shaped his goal, which includes promoting the livelihood of underbanked women. Describing the company and his experience, he said; “we are a vehicle that seeks to drive financial inclusion among regular individuals, businesses and associations and the market segment that would typically be identified as underbanked.
Despite being founded in 2020, Pocketfuel Finance has seamlessly carried over multiple transactions and also worked on various projects including Venture Capital and Advisory in this short time, while ensuring that women’s lives are better.
According to Amaye, “Pocketfuel was founded in September 2020. Starting out more as a sole proprietorship, we started from giving out loans to friends and family (after the requisite onboarding procedure with regulators), currently the company has grown to instituting a Board of Advisors, increasing staff strength and outsourcing some of its operations to contractors. We have also been privileged to have the interest of investors who now share in the company’s holdings” he says.
Pocketfuel Finance Limited, was developed as an alternative to traditional credit facility management systems which are not known to be fast, fluid, and open to anyone. “Before establishing Pocketfuel, I had applied for loans at one or two instances, which I didn’t get the best of experiences. From paper work to wait time, and hidden charges, the process was discouraging” Fome says.
Simply put, Pocketfuel wants everyone to have access to credit facility without hidden charges, obtain the best rates, and have their money in their bank accounts in the quickest amount of time. “It became my passion to float a service that would address the concerns I had with credit facility management. It was also less tasking to ease into this aspect of financial services when I began thinking of a career progression.
“On socio-economic impact, small businesses are given the opportunity to stay afloat as our credit facility helps to manage their cash conversion cycle” the CEO concludes.
