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Nosa Alekhuogie
Leading Nigerian fintech start-up, Egoras, has announced the launch of its zero-interest microloan services to provide simplified financial solutions to small business owners.
This is with the aim of increasing financial inclusion and access to finance for Nigerians for personal and business needs.
The strategic launch of Instant Interest Free Loans aims to revolutionize the Nigerian financial ecosystem through the introduction of a new business model that thrives on securing fairly used assets such as electronics, furniture and others types of household assets. It is to pursue the objective of providing instant credit facilities to the unbanked and underserved within the Nigerian financial ecosystem.
Commenting on the launch of the interest-free instant loans, Egoras CEO Ugoji Harry noted that the recent development reinforces the company’s commitment to meeting the financial needs of Nigerians by leveraging the latest financial technologies.
“Our vision as a fintech company is to build a digital ecosystem that thrives on blockchain technology that enables Nigerians and small businesses to seamlessly access instant microloans. We aim to promote economic growth and development through Nigeria, including the African continent, through the creative elimination of financial institutions that make access to credit facilities difficult due to high interest rates.It is in this context that we have developed a unique system centered on the exchange of used assets for repayment to support the growth of Nigerian businesses, especially unbanked or underserved communities,” he said.
Speaking on the development, Egoras Media Director Moses Mudiaga said the business model adopted by the organization will redefine the operations of the financial ecosystem on the African continent, particularly in Nigeria.
“For us at Egoras, we truly understand the pain points of Nigerians, especially small business owners, who are frantically trying to access microloans to meet their private needs or to expand their business ventures. It is on this basis that we have designed a bespoke microloan program that aims to support Nigerians and small businesses through the provision of zero interest instant loans with a flexible repayment plan,” he said. .
