Cooperative obtains CBN approval for microfinance bank
A Nigerian fintech start-up, Egoras, has launched its interest-free microloan services to provide simplified financial solutions to small business owners.
This is with the aim of improving financial inclusion and access to finance for the personal and professional needs of Nigerians.
The strategic launch of Instant Interest Free Loans aims to revolutionize the Nigerian financial ecosystem through the introduction of a new business model that thrives on securing fairly used assets such as electronics, furniture and others types of household assets.
This, according to the report, is aimed at providing instant credit facilities to the unbanked and underserved within the Nigerian financial ecosystem.
Commenting on the launch of the interest-free instant loans, Egoras CEO Ugoji Harry noted that the recent development reinforces the company’s commitment to meeting the financial needs of Nigerians by leveraging the latest financial technologies.
“Our vision as a fintech company is to build a digital ecosystem that thrives on blockchain technology that enables Nigerians and small businesses to seamlessly access instant microloans.
“We aim to promote economic growth and development across Nigeria, including the African continent, through the creative weeding out of financial institutions that make access to credit facilities difficult due to high interest rates.
“It is against this background that we have developed a unique system centered on the exchange of used assets for reimbursement purposes to support the growth of Nigerian businesses, especially unbanked or underserved communities,” he said. -he declares.
Speaking on the development, Egoras Media Director Moses Mudiaga said the business model adopted by the organization will redefine the operations of the financial ecosystem on the African continent, particularly in Nigeria.
“For us at Egoras, we really understand the pain points of Nigerians, especially small business owners, who are frantically trying to access microloans to meet their private needs or to expand their business activities.
“It is on this basis that we have designed a bespoke microloan program that aims to support Nigerians and small businesses through the provision of zero interest instant loans with a flexible repayment plan,” he said. underline.
Egoras is a fintech company passionate about building sustainable credit systems using blockchain technology to facilitate the execution of low microcredit transactions in Nigeria and other African countries.