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Home Business News

Interswitch has partnered with this company to disrupt the microloan space

Onome Ohwovoriole by Onome Ohwovoriole
October 6, 2017
in Business News, Company News, Corporate deals
Interswitch has partnered with this company to disrupt the microloan space
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Ferratum Group has announced the launch of a microloan scheme in partnership with payment processor Interswitch. Intwerswitch will be partnering with 5 banks in the country, and three credit providers including Ferratum to provide microloans between N1000 to N10,000 to Interswitch customers. Interswitch CEO, Mitchell Elegbe, had in a tweetchat with Nairametrics held in August  revealed that the company was working on a microlending product.

Why the deal is a major one

The partnership will enhance access to finance for a large proportion of Nigeria’s population who work in the informal sector. Nigerian banks prefer to lend to blue chip companies as they have an established record and are less likely to default. If the partnership is successful, Interswitch could decide to replicate it in other countries it operates in. The partnership with Interswitch also marks Ferratum’s expansion into Africa.

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Ferratum Group, founded in 2005 is an international provider of consumer and small business loans, distributed and managed by mobile devices. The company started operations in Helsinki, Finland but has since expanded to 25 other countries. Ferratum has more than 1.7 million active and former customers who have been granted one or more loans in the past (as at June 30, 2017). Ferratum Group is listed on the Frankfurt Stock Exchange

Interswitch, founded in Lagos 2002 is an Africa-focused integrated digital payments and commerce company that facilitates the electronic circulation of money as well as the exchange of value between individuals and organisations on a timely and consistent basis. Interswitch has since expanded operations to Ghana, Uganda and Kenya.


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Tags: FerratumInterswitch
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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Comments 2

  1. Dr Faith enegesele says:
    March 31, 2019 at 9:24 pm

    Hi,I am Dr Faith.l need a loan of 2000000naira, to expand my clinic in Lagos.pls kindly grant my request and how I can pay back.

    Reply
  2. Dr Faith enegesele says:
    March 31, 2019 at 9:30 pm

    Hi,I am Dr Faith. I need a loan of 2000000naira in order to expand my Clinic in Lagos.please kindly grant my request and how I can make repayment.Tanx.

    Reply

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