The CBN required traditional banks to lend 65% of account users’ funds to build the economy. Although banks are fined for not attaining this target, they nevertheless struggle to do so due to lending issues that make loans difficult for consumers and businesses.
Due to these conditions, financial institutions like SeedFi, a data-first digital lending company, were founded to increase economic activity and ensure everyone can access money. Nigeria’s economy benefits from SeedFi’s short- and long-term essential loans to individuals and small enterprises.
Read also: The role banks play in Africa’s digital future
SeedFi CEO and co-founder comments
SeedFi’s co-founder and CEO, Pelumi Alli, says they offer simple application processes and fast approval timeframes to help startups get finance.
SeedFi’s flexible payback periods help individuals and SMEs manage cash flow and connect repayment plans with business cycles, promoting stability and growth.
“Capital infusion allows SMEs to strategically expand, explore new markets, and invest in technology,” Alli said. “This benefits them and boosts the economy.”
SeedFi co-founder and CCO Samaila Dogara stressed the necessity of financial support.
He said, “Our short-term loans provide quick access to funds for relief during financial emergencies.” “We make applying quick and easy, letting people get funds when needed.”
Samaila reinforced the importance of short-term loans in financial resiliency. These loans provide a financial safety net for unexpected expenses. We contribute to economic stability by helping individuals and businesses weather financial crises by providing timely financial solutions.
Awe from Pentrust Business Solutions Ltd talked about his experience: “I recently reached out to SeedFi for business financial support, and they were amazing!” Their customer service was excellent, and they gave me clear, helpful advice. It was a smooth process from beginning to end. I think you should use them!
Nigerians can look to SeedFi as a sign of hope for their economic freedom. SeedFi is paving the way for a more prosperous and inclusive future for the country by making financing options accessible and flexible for small businesses and people.
SeedFi’s application process
A personal loan application is usually easy to complete. For about 10 minutes, SeedFi’s application can be finished on a computer or a phone.
Candidates must do the following:
Be 18 years old or older, whichever is higher in their state.
Provide your Social Security number or individual taxpayer identification number
Manage your money in a U.S. bank account
Verify your phone number and make sure it can receive text messages.
Ten thousand dollars a year, at least
Located in a state where SeedFi does business
Notably, the way to apply is a little different for each plan.