As a Microfinance Institution (MFB) or business owner, you know the struggle of trying to collect payments from customers. It can be time-consuming and sometimes stressful between failed payments and chasing up customers. But what if we told you that you could make it all a lot easier? Lidya Collect is here to help! With Lidya Collect, you can improve your accounts receivables and make sure you receive all your payments without the hassle. It’s like having a personal assistant handling all your collections for you, like clockwork! Here’s how it works: once you’ve onboarded your customers, you can request a Collect Authorization from…
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At Lidya, we’re on a mission to unleash the full potential of the world’s most entrepreneurial businesses. We’re the financial sidekick for the bold, the driven, and the creatively unstoppable. We believe that money should never hold anyone back from chasing their dreams and living life to the fullest. That’s why we’re on a quest to bring financial freedom to every person, business, and unicorn out there. We use data to find well-run businesses, and then we arm them with the technological tools they need to reach for the stars – from valuable collection tools to affordable digital payments, to…
Microfinance banks in Nigeria play a vital role in providing financial services to small businesses and individuals who lack access to traditional banking services. But, like any business, they have their own sets of challenges. And one of the biggest challenges is collecting loan payments. That’s where a collection automation solution like Lidya Collect comes in to save the day. Collection automation is just a fancy way of saying using technology to make the process of collecting loan payments a whole lot easier. Lidya Collect is a software tool that helps automate, manage and track payments. There are several reasons…
As we step into the great unknown, we want to thank you for supporting us at each step of the way. Didn’t get a chance to support us? Well, obviously we hope that it changes this year! We are looking forward to another amazing year where Finance on Demand in Nigeria will slowly but surely be the new norm. And we are just getting started. The great William Shakespeare once said there is nothing either good or bad, but thinking makes it so. Well, we think there is still more to be done from our side so business owners and…
The Central Bank of Nigeria revealed its intentions to revamp the N100, N200, N500, and N1000 in order to address inflation, assume charge of the available cash, and combat counterfeiting. It added that the action would benefit the bank in its efforts to combat security and financial fraud. According to the bank’s governor, Godwin Emefiele, the idea would enable the bank to seize N2.73 trillion of the N3.23 trillion in circulating cash that is not kept in the bank’s vaults. The bank has urged Nigerians to exchange their outdated notes for the new ones that will go into circulation on…
Let’s admit it, running a business is challenging regardless of the circumstances. You have to think about competitive forces, regulations, and socioeconomic repercussions in addition to all the day-to-day operational challenges you encounter. Nevertheless, 2022 is shaping up to be among the most difficult years in recent history. So how can you overcome the constant turmoil of Inflation and save your business from it? Let us find out. What impact does Inflation have on the value of money in Nigeria? Nigeria’s Urban Inflation in November 2022 was 21.63% on an annual basis, 5.11% higher than the 16.52 percent reported in October…
A business loan may seem easy to obtain until you consider the variety of loans available and the number of lenders who provide them. You find yourself suddenly faced with options you never had idea existed. We understand. This is the reason we created this SME Online Financing selection guide. Continue reading to find the perfect loan provider for your Business in Nigeria. What is online lending? In the broadest sense, online lending refers to any financing obtained from an alternative lender on the internet. Because they offer a simpler and more direct alternative to a commercial bank, many online lenders…
Businesses require a method and resources to oversee the process in order to deal with situations where payments are late and spread out. The greater the business’s chances are of collecting the debt, the more well defined and widely discussed the collections process is. According to studies, your chance of recovering an unpaid invoice’s balance lowers to 74 cents per dollar when more than 90 days have passed. If you thought that was awful news, wait until you consider how that will affect the operations of your entire company. Consider the scenario when your net margin is 10%. In other…
An application programming interface, or API, is a piece of software that enables the communication between two or more applications. Simply said, it is the messenger who sends your request to the service provider and returns to you with the result. It is an interface that enables straightforward commands between applications. The great news is, Banks, Neobanks and Fintechs can now easily integrate Lidya Collect into their system. Using the collect API, users can now seamlessly utilize Lidya Collects processes into their already existing platforms. How Lidya Collect API can Enhance your growth Better integration Collect API streamlines and facilitate…
The account aggregator or multiple accounts wallet, might change business management, credit and investment significantly. It will be done by granting millions of people better access to and control over their financial records and enlarging the potential market for lenders and fintech firms in Nigeria. Account aggregators empower people by giving people authority over their overall financial data, which would otherwise stay in silos. The method can significantly speed up and reduce the cost of lending and business management. What is account aggregation? Collecting a customer’s financial information under one roof is known as account aggregation. Account aggregation services essentially…