Suretree Group, a fintech firm, has created an online platform – nairaCompare – that allows Nigerians compare loans and other financial products by various providers to aid better decision making. With many Nigerians unable to easily access loans, and other financial services, nairaCompare is here to help.
Announcing the launch in a statement, Managing Director of Suretree Limited, Mr. Tayo Fabunmi said that nairaCompare would provide a platform to compare personal loans and business financing online to give access to more Nigerians.
“nairaCompare is an intelligent marketplace that understands consumers and providers’ products intimately. It is a one-stop shop to compare a wide range of products; a platform where consumers are introduced to the best financial services to meet their needs,” he said.
With nairaCompare, Mr. Fabunmi said Suretree hopes to help expand access to loans to underserved Nigerians. He explained that statistics showed that Nigerians relied more on informal means and family/social capital to get financing because of lack of comprehensive information about accessing these
“The Nigerian financial marketplace is still largely underserved- with credit penetration hovering around the 30 per cent mark and with a lot of other financial inclusion metrics unmet.
“Only 4.3 per cent of Nigerians got their loans from banks, while another four per cent got their loans from other formal sources. However, 23.3 per cent got their loans from informal sources, while a whooping some 77.7 per cent got loans from family and friends in 2018.
“Majority of Nigerian adults do not access credit. Only 29.7 million individuals took loans in 2018 compared to an estimated loan market size of N500 billion as at 2017,” he said.
Easily compare and access small business loans of up to N20,000,000 on nairaCompare here
Fabunmi said nairaCompare would put an end to the lack of information in accessing financial services.
“For the retail user, the ability to evaluate different financial services products from different providers at the click of a few buttons is more convenient, less expensive, less obtrusive and more efficient than visiting different websites or branches of banks and other financial institutions. As a bonus, whilst bank branches shut down at 4pm, nairaCompare is available every hour of the everyday – 24/7 in the customer’s lingo.
“Our strategic priorities are to help Nigerians save time and money on their bills. No more overspending; no more time wasted looking for the best deal. No more confusion,” he said.
To get more Nigerians to benefit from these structured financial services, Mr. Fabunmi said nairaCompare would attract customers of various income levels – from middle to high income earners of ₦200,000 and above, to low-middle income earners in both formal and informal sectors.
“Individuals who earn above ₦200,000 per month; individuals who earn below ₦200,000 per month, formal employees and self-employed individuals such as, entrepreneurs, petty traders, farmers, artisans, manual workers would be served by nairaCompare,” Mr. Fabunmi said.
Compare rates for salary advance and payday loans of up to N5,000,000 here
He said the platform would aim to meet the varied financing needs of Nigerians of various ages regardless
of their risk appetites – low, medium, or high.
Fabunmi said nairaCompare hopes to achieve success using a combination of customer relations, datadriven aggregation, provider relationship, among others.
While consumers stand to benefit a lot, Fabunmi said providers would also enjoy a lot of value from nairaCompare.
He said: “nairaCompare is not just a price comparison platform, a role which it does excellently well, it is also positioned to be a retail fulfilment platform for financial providers who choose to onboard their services and customers through us.
“Drawing from a legacy of digital marketing and customer experience management, the platform can deliver a provider’s financial products to a broader spectrum of customers, at a much lower cost than the traditional sales channels employed by banks and other financial institutions.
“As part of its fulfilment capabilities, it is set to play a pivotal role in the standardization of customer onboarding and risk assessment for financial services providers, further lowering the cost of customer acquisition, whilst at the same time reducing the loss from defaults for financial services providers.”
With growing internet penetration (there were 92.3 million internet users in Nigeria as at 2018), improved credit assessment avenues, surge in e-commerce activities, Fabunmi said Nigeria was ready for the service offerings of nairaCompare.
Get answers to frequently asked questions about how nairaCompare works here.