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Post by ritchiee on Sept 13, 2016 8:56:08 GMT
Two entrepreneurs are set to unveil Nigeria’s first online lender in New York on Thursday. Marketed as a digital bank that will have no branches, Lidya will be based in Lagos, Nigeria’s commercial capital, and offer small and medium-sized businesses unsecured loans of between $500 and $15,000. While it will initially focus on Nigerian customers, Lidya will target cities across Africa, according to Tunde Kehinde, a co-founder. “There are no real products catered to these customers today,” Kehinde said by phone from New York, where he’ll announce the formation of Lidya at a financial technology conference. “What we’re trying to do is introduce a lot of technology, algorithms and machine learning to industrialize the credit assessment process.” Kehinde, a Harvard Business School graduate, is a former managing director of Jumia, Nigeria’s biggest online retailer. He currently runs Africa Courier Express, a logistics company, along with Ercin Eksin, the other founder of Lidya. While Kehinde and Eksin are the majority owners, they will look to bring in other shareholders and raise more than $1 million in the next few months from investors, primarily in the U.S., Eksin said. Lidya will be opened next month and also partner with Nigerian banks to allow them to use it as a platform to target small businesses. “Because of how the banks are set up, with bricks and mortar networks, they’re more inclined to service multinationals and large government institutions,” Kehinde said. “Their cost structure isn’t favorable to servicing small businesses. Because we’re using technology and algorithms to assess the risk, it allows them to offer financial products to these customers at a low cost.” www.bloomberg.com/news/articles/2016-09-08/harvard-graduate-set-to-start-nigeria-s-first-online-only-lender
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Post by Ogbeni Ogunnaike on Sept 14, 2016 1:45:35 GMT
Interesting.
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Post by Honorebu on Sept 14, 2016 1:49:38 GMT
They aren't the first. The first online bank is SunTrust and besides, Lidya is not really an online bank per se, it's more of an online lending startup and there are a lot of startups playing in this market already
There is paylater, aellacredit and social lender
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Post by ritchiee on Sept 14, 2016 6:51:17 GMT
They aren't the first. The first online bank is SunTrust and besides, Lidya is not really an online bank per se, it's more of an online lending startup and there are a lot of startups playing in this market already There is paylater, aellacredit and social lender I do not know if paylater etc are online only but the news was given raw as bloomberg prepared it. Maybe the online only without branches is what they are looking at...
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Post by Honorebu on Sept 14, 2016 9:36:32 GMT
They aren't the first. The first online bank is SunTrust and besides, Lidya is not really an online bank per se, it's more of an online lending startup and there are a lot of startups playing in this market already There is paylater, aellacredit and social lender I do not know if paylater etc are online only but the news was given raw as bloomberg prepared it. Maybe the online only without branches is what they are looking at... All the startups I mentioned are all online based. Its just the regular media packaging.
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Post by ritchiee on Sept 15, 2016 6:38:30 GMT
I do not know if paylater etc are online only but the news was given raw as bloomberg prepared it. Maybe the online only without branches is what they are looking at... All the startups I mentioned are all online based. Its just the regular media packaging. It is of course a somewhat false packaging to claim what you are not.Well...it is their cup of tea.My joy is that Nigerians especially Omoluabis are trying to take ICT to the next level even without the assistance of the government.I hope this is Aare.Kudos as per the positive changes I have seen on the forum.Easily retrieved emoticons would be appreciated.Debate,inter state competitions education wise,exclusive interviews etc,little handbills in schools,churches,mosques etc and soliciting for ads later...even inviting Yorubas from diaspora would really do a lot of good to the site.Kudos to you and the team.
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Post by Honorebu on Sept 15, 2016 22:24:31 GMT
All the startups I mentioned are all online based. Its just the regular media packaging. It is of course a somewhat false packaging to claim what you are not.Well...it is their cup of tea.My joy is that Nigerians especially Omoluabis are trying to take ICT to the next level even without the assistance of the government.I hope this is Aare.Kudos as per the positive changes I have seen on the forum.Easily retrieved emoticons would be appreciated.Debate,inter state competitions education wise,exclusive interviews etc,little handbills in schools,churches,mosques etc and soliciting for ads later...even inviting Yorubas from diaspora would really do a lot of good to the site.Kudos to you and the team. We're planning to move to another platform. This one isn't "working"
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