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By Chinenye Anuforo
With millions of Nigerians still excluded from formal credit, digital lender Andray Finance Limited is positioning itself as part of the solution, betting on technology to bridge the gap between underserved communities and access to loans.
Founded in 2022 and headquartered in Victoria Island, Lagos, the company has been expanding its services to reach groups often shut out by traditional banks, including informal traders, low-income earners and small-scale farmers. Through a mobile-first platform, customers can apply for loans, track applications and manage repayments directly from their phones, an approach that has gained traction among populations with little or no access to conventional banking.
“Our goal is to be a catalyst for economic empowerment. We believe everyone deserves access to financial support that aligns with their aspirations”, said Okoye Samantha, a company representative.
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Andray Finance offers a range of products, from salary advances and payday loans to educational loans at interest rates starting from one percent. Its agricultural financing scheme provides up to ₦3 million in credit tailored to farming cycles, while SME and asset financing options support entrepreneurs looking to expand operations.
The firm insists that its model differs from many short-term lenders accused of predatory practices. Founder and Chairman, Bayowa Fredrick Borokini, said transparency is central to its operations. “We are not just offering loans, we are offering dignity. Our clients know exactly what they’re signing up for, and they trust us to walk the journey with them,” he noted.
Despite this, challenges remain. Nigeria’s credit penetration is among the lowest in Africa, with the Central Bank estimating that more than 60 percent of adults lack access to formal financial services. Analysts warned that while fintechs like Andray Finance are stepping in to fill the gap, they must balance expansion with sustainability in an environment plagued by loan defaults and heightened regulatory oversight.
Andray Finance said its agricultural and SME programs are already making an impact, citing improved yields among farmers and increased business growth in urban centres. But whether the model can be scaled nationwide without the pitfalls that have hampered other digital lenders is a test the coming years will decide.
