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Nigerian fintech startup, Egoras, has announced the launch of its zero-interest microcredit services to provide simplified financial solutions to small-business owners in a bid to increase financial inclusion and access to funding for Nigerians for personal and business needs.
The launch of the instant interest-free loans aims to revolutionise the Nigerian financial ecosystem through the introduction of a novel business model that thrives on the collateralization of fairly-used assets such as electronics, furniture, and other types of household assets. This is to further the goal of providing instant credit facilities to the unbanked and underserved persons within the Nigerian financial ecosystem.
Commenting on the launch of the instant interest-free loans, Ugoji Harry, the CEO of Egoras, noted that the recent development reinforces the company’s commitment to cater for the financial needs of Nigerians through leveraging on the latest financial technology.
“Our vision as a fintech company is to build a digital ecosystem that thrives on blockchain technology which empowers Nigerians and small business to access instant microcredits seamlessly. We aim to promote economic growth and development across Nigeria, including the African continent, through the creative elimination of financial institutions that make access to credit facilities difficult due to high-interest rates. It is on this backdrop that we have developed a unique system that is centred around the exchange of used assets for repayment purposes to support the growth of Nigerian business, particularly the unbanked or underserved communities,” he said.
Speaking on the development, Moses Mudiaga, the Media Director for Egoras, stated that the adopted business model of the organisation would redefine the operations of the financial ecosystem across the African continent, particularly Nigeria.
“For us at Egoras, we truly understand the pain points of Nigerians, especially small-business owners, who are frantically striving to access microcredits to either cater for their private needs or to upscale their business operations. It is on this understanding that we have designed a bespoke microcredit scheme that seeks to support Nigerians and small enterprises through the provision of zero-interest instant loans with a flexible repayment plan,” he said.
Egoras is a fintech company that is passionate about building sustainable credit systems through utilizing blockchain technology to facilitate the execution of low-microcredit transactions across Nigeria and other African countries. This is in a bid to enable small businesses to access credit facilities through a decentralized financial process.
