Access to adequate financing is crucial for the growth and success of small businesses in Nigeria. In this article, we will explore various funding options and grants available to Nigerian entrepreneurs. By understanding these resources, you can make informed decisions and secure the financial support necessary to fuel your business ambitions. Traditional Bank Loans: Traditional bank loans remain a popular option for small business financing. Research different banks and their loan offerings, including terms, interest rates, and eligibility criteria. Prepare a comprehensive business plan and financial statements to increase your chances of approval. Microfinance Institutions: Microfinance institutions specialize in providing…
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The financial sector is no stranger to innovation. With the rise of new technologies, banks and microfinance institutions (MFBs) can now offer credit more efficiently, securely, and cost-effectively. This article will explore why enabling credit through technology is a game changer for banks and MFBs, and how it can help reduce non-performing loans (NPLs), increase margins, and provide better security in loan origination and evaluation. Reducing NPLs Non-performing loans (NPLs) are a major concern for lenders. They occur when borrowers fail to repay their loans as agreed, resulting in losses for the lenders. According to the World Bank, the global…
Microfinance institutions play a critical role in driving financial inclusion in Nigeria. However, they face numerous challenges, including insufficient technology infrastructure. Lidya is addressing these challenges with its technology-enabled solutions, empowering microfinance institutions to extend credit to more people and drive financial inclusion. Lidya’s technology is empowering microfinance institutions to increase their loan portfolios and serve more clients. With Lidya Credit Infrastruture, microfinance institutions can manage their loan portfolios digitally, reducing the time and cost of manual processes. Lidya Collect also provides access fully digital and automated collection tools, thar will allow lenders to get their money back and re-use…
Lidya is changing the lending landscape with its powerful engine that enables lenders to serve their customers with unparalleled efficiency and effectiveness. Our engine is the driving force behind Lidya’s platform, making us the “operating system” for lenders.Our strategy and engine are designed to help lenders acquire customers, originate loans reliably, collect repayments intelligently, manage portfolios transparently, and gain insights into the credit ecosystem. With more data, partnerships, and reliable collections, our engine accelerates revenue and builds trust with lenders. Acquiring Customers: Leveraging Partnerships with 2m Unique Potential Borrowers Lidya’s engine helps lenders acquire customers by giving access to our…
Traditional lenders have long faced challenges in providing access to credit for small businesses and individuals. However, with the advent of fintech, innovative solutions have emerged to enable credit access for these underserved markets. In Nigeria, Lidya is leading the charge with its credit infrastructure and services. Changing the Game Lidya is changing the game by empowering microfinance institutions and enabling them to extend credit to small businesses and individuals. Its flagship product, Lidya Collect, provides a digital platform for microfinance institutions to receive their loan repayments in an automated way, form multiple accounts. Lidya Collect is easy to use…
Welcome to the step-by-step guide on how to create digital collections using Lydia Collect. Today we will guide you through creating and managing your collections with four simple steps. So let’s dive right in! Step 1: Access Lydia Webapp and create your account To get started with Lydia Collect, you must access the Lydia webapp and create your account. Please have your Certificate of Incorporation, CAC 2, CAC 7 and your BVN handy. Once you’ve done that, you can start creating your collections. When creating your collections, you must first identify your customers through BVN. BVN is a unique identifier that Lydia…
According to The Women Entrepreneurship Development in Nigeria: the Effect of Environmental Factors Report, women-owned businesses account for approximately 35% of all businesses in Nigeria, one of the world’s highest rates. Despite this, women entrepreneurs in Nigeria still face significant challenges in accessing funding and other resources to start and grow their businesses.Globally, women entrepreneurs face similar challenges. According to a report from the Global Entrepreneurship Monitor, women entrepreneurs receive only 2% of venture capital funding worldwide, despite owning 38% of all businesses. Women entrepreneurs also tend to have smaller businesses with lower levels of revenue and profitability than their…
Lidya Collect is a powerful and efficient solution for businesses to streamline their payment collection process. Here are some frequently asked questions that can help you understand the product better: What is Lidya Collect? Lidya Collect is a payment collection platform designed to help businesses automate their payment collection process and manage their cash flow effectively. It offers a range of features that simplify the payment collection process and make it easier for businesses to get paid on time. How does Lidya Collect work? Lidya Collect works by integrating with your existing payment gateway and invoicing system. You can easily…
The financial technology (fintech) scene in Nigeria is more vibrant everyday! With more and more people getting access to digital technologies, a thriving economy, and a growing population, there’s no shortage of amazing things happening. Here are five things that are making us excited in the fintech space in Nigeria right now. Microfinance Banks and Solutions Fintech space in Nigeria right now. With the rise of fintech, more and more microfinance banks and financial solutions are emerging to serve communities that were previously underserved. This is a major step forward for financial inclusion in Nigeria, and it is helping to…
On January 2023, Lidya hosted the MicroFinance 2.0 – Digitize your MFB today roundtable to discuss the opportunities and challenges presented to the Microfinance ecosystem in Nigeria. It was a great moment to share experiences and understand how microfinance organizations can seize the digital opportunity and revolutionize their assessment, disbursement, and collections of credit, today. At this event, we met with more than 40 different MFBs in Lagos and we were delighted to have our partner Accion sharing their experience with Lidya as the primary Credit Enabler for their business. Both Taiwo Joda, CEO Accion MFB and Tunde Kehinde, CEO Lidya…