Why do we even need loans?
As the most populous black nation in the world, with over 200 million people, Nigeria is Africa’s economic powerhouse. Lagos, Nigeria, is one of the continent’s best investment destinations. But, unfortunately, Nigeria’s economy is faced with numerous challenges that make it difficult to live up to its expectations as the giant of Africa.
In many cases, Nigerians wishing to own their private businesses are faced with inadequate technology, non-existent power supply, lack of funds, and other infrastructural problems. This is true even though SMEs are the significant drivers of the country’s economy. The National Bureau of Statistics reports that small and medium-sized enterprises make up 48% of Nigeria’s GDP. Despite all this, the government and stakeholders have increasingly neglected their roles in ensuring the industry’s strategic growth.
Like many other institutions and stakeholders, Kevin Davis Services got wind of the dwindling state of Nigeria’s SME industry. However, unlike most of them, the company decided to tackle this problem head-on by establishing the Adancly Loan Project.
What Adancly is doing
Adancly is a loan organization that provides easy access to loans for Nigerian workers, small businesses, the retail market, and SMEs. Adancly had started out as a product of Kelvin Davies, a company the founders previously ran. Efosa Obasauyi founder and CEO says the company was created to “be the financial company of reference meeting customers’ needs by deploying timely, innovative and exceptional services while rewarding stakeholders with excellent returns in a manner that consistently exceeds their expectations.” To achieve this, they provide fast customer and personal loans to employees in Nigeria. The company also aims to build a strong market presence for short and medium-term returns to drive long-term business success.
Known for their empathy, professionalism, commitment, and integrity, Adancly has managed to endear itself to the hearts of thousands of satisfied customers. Over the years, this company has proven to be true to its word. They’ve successfully disbursed over $10m in loans to over 1219 customers across the oil and gas, fintech, agriculture, and hospitality industries. Adancly’s loan types include equity investment, personal financial loans, and short-term gap loans.
Adancly’s Unique Selection Criteria
To ensure a sustainable business that can add value to more clients for longer, Adancly selects clients through a unique process. First, they leverage algorithms from telecoms history and factual grapevine to ascertain the competency of borrowers. They also consider their positive credit history and nature of business.
Eligible customers must be in paid employment, and between 22 and 55 years old. They must also have a salary account.
The company determines the repayment of loans using a risk-based pricing system. Clients can get up to N5,000,000 worth of loans, depending on their monthly net pay.
Adancly’s Impact
The company’s loans have helped businesses improve their cash flow, debt consolidation, working capital finance, debt restructuring, and asset financing. They assist companies to grow exponentially, providing them reliefs like zero processing cost, a flexible loan structure, and efficient credit disbursement. Adancly has also successfully disbursed $1,000,000 from the retail market with a 94% success rate.
Asides from providing loans, the company goes the extra mile to provide its clients with support services like business consultancy and continuous guidance. Adancly has successfully attracted, developed, and retained productive human resources and long-term funds investors to grow their business to the next level.
What’s next for Adancly?
Despite Adancly’s exceptional progress in providing loans to deserving businesses, they aren’t resting on their oars. They plan to continue researching more ways to improve their customer services while also leading innovative change in the industry. Adancly is set to keep making waves in the financial services industry until it becomes “the best customer-celebrated financial service company In Africa.”
From where we stand, this goal won’t take too long. We are rooting for them and are confident of their ability to do more exploits in Nigeria’s finance sector.
wow
Wow! Impressive