Branch International Disburses Over USD 2 Mn Loan to Nigerian SMEs
Branch International has announced that it has disbursed more than USD 2 Mn in loans to small and medium scale businesses in Nigeria since the one year it has been operating in the country.
Branch International is one of the largest growing digital finance platforms known in Nigeria, and notwithstanding the proliferation of Fintech industries in Nigeria, Branch has succeeded in singularly identifying themselves as distinguished providers of world-class financial services. Through their innovative approach to lending, Branch has provided such services to the underserved and unlocked financial access to customers around the country. Providing fast, fair and flexible loans, without late fees, hidden charges, rollover fees or restrictions on money expeditions, Branch International is one of the forces to be reckoned with.
During the meeting of stakeholders held on June 14th, 2018, Matthew Flannery, the CEO noted that he “Couldn’t be more thrilled to be working in Nigeria with Branch. The startup community is poised for a Fintech explosion. The 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 role in increasing access to modern financial services in Nigeria over the next decade”.
Branch is offering a unique proposition to the average Nigerian. The company provides access to instant loans to users on their mobile devices. Android smartphone users will be able to receive loans from USD 8 to USD 416 requiring no face-to-face meetings, prolonged application procedures, collateral or needless paperwork. As the customers repay their loan, they will be unlocking even more access to larger amounts of loan and more flexible terms. More than 75 percent of customers use these loans from Branch to fund the launching or expansion of their businesses or meet other financial obligations. In spite of that, Branch does not have any restrictions on the loan usage, as customers are afforded the liberty to make their own financial decisions.
In dissimilarity to traditional financial institutions, Branch provides an opportunity for its customers to build their credit regardless of their banking history by assessing their loan eligibility in line with the date procured from the smartphones of customers.
In Nigeria, Branch has disbursed over USD 2 Mn and over 100, 000 loans. The growth of the firm is consistently on the rise, growing 50 percent month on month in 2018’s first quarter, in Nigeria. The country manager, Maria Rotilu said that “The growth that we have seen indicates that our product is providing a valuable service and solving a meaningful need for Nigerians in the country. The rapid user adoption is a clear sign of a strong need for fast, accessible world-class financial services”.
Branch plans to disburse over USD 11 Mn and generate more than half a million loans this year. The company is also investing in their Lagos office while planning to double the number of employees. It was founded by pioneers of micro-lending and leaders in finance and technology. Branch has established offices in Nairobi, Mumbai, San Francisco and Lagos, with in-the-pipeline ideas to expand services to additional countries. Currently one of the leading finance apps in Africa with more than one million subscribers worldwide, Branch plans to diversify into savings and payment activities which would be inculcated into the financial platform.