“Our next goal is to keep amassing large numbers of customers so that we can break the stigma that the so-called lowly worker is not trustworthy” were the words of a co-founder of Paylater, when they were talking about giving up to 1000 loans per day.
Today, Ngozi Dozie is “super-pleased, pumped” as he announced via his twitter platform that the startup (which focuses on giving digital loans to users) has hit N4bn in loans this year, beating their 2017 record by some margin.
Asides the Paylater app reaching 500,000 downloads on Playstore last year (it is now over 900,000), the startup boasts of some nice stats – like having just a 10 – 20% default rate for loans. This is mind boggling given Nigerians’ informal culture with loans. And also putting into consideration that Paylater provides collateral free loans. It shows how efficient the startup’s risk assessment proves to be.
Paylater prides itself in the trust the customers have placed in them to keep their financial data secure and protect their well-being. And they reciprocate that by providing appropriate financial services tailored to each individual and, in most cases, for the first time ever.
Here’s to more and more hits for Paylater.