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…
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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…
If you are a SME owner in Nigeria struggling to manage your finances, then Lidya Collect is here to help. With Lidya you will be able to digitize consumer repayment programs that include several banks. It enables business owners to electronically automate and improve their debtor money recovery and client repayment processes. As the client payback plans cover various banks and are paid straight into their Lidya Wallet, it is expanding by liberating its resources, enhancing the cash flow, and raising revenue and corporate margins. So what else does Lidya Collect have to offer? Let us jump right in and…
As the year 2022 is coming to an end, it is time to take a final look at your business and figure out how you can meet your goals by the end of the year. One of the first steps in developing your business is setting goals. Business objectives drive successful companies of all sizes. With them, you can move from where you are to where you desire to be in your business. While most individuals know how important it is to set goals, accomplishing them can be challenging. Beyond your business concept, establishing goals is crucial for the success of…
It can be a nightmarish situation for business owners when a small business loan application is rejected. If this has just happened to you, you may be feeling very defeated right now. Keep your spirits up! Many thriving business owners experience it, often more than once. The very first step to submitting a good funding application in the future is to comprehend the causes. Here are the most common reasons your business loan might be rejected. Bad credit score If the lender determines that your credit score is “too low,” this is among the most frequent causes of loan refusal.…
Unquestionably, Nigeria has one of the biggest economies in Sub-Saharan Africa. Although it heavily depends on oil, its economy is supported by patches of corporate organizations that operate in practically every sector of the local economy, including international firms having offices here, local businesses, and primarily small and medium-sized businesses (SMEs). This discussion will concentrate on small and medium-sized enterprises (SMEs) and showcase what we have learned about them during these past few years. What is considered an SME? In Nigeria, SMEs are classified as businesses with less than 500 000 Naira annual revenue by the Nigerian Central Bank in…
You have probably not even thought of half the potential benefits of obtaining a business loan. Have you ever considered, for instance, getting a loan to expand your business or obtaining a loan only to establish your company’s credit? In addition to the two reasons mentioned above, numerous others may not have occurred to you to seek business finance. The business loan is unquestionably something to explore if you’re short on cash or are thinking about a opportunity or venture that could help your firm grow, even if you have never asked for funding before. Here are the top 10 reasons to…