Nigerian startup Spotyloans has launched its online lending platform, aimed at offering users easy access to finance to grow their businesses and create jobs.
Launched this month and focused on the South East region of Nigeria, Spotyloans was developed to bridge the funding gap for SMEs that struggle to access finance.
“SMEs have little or no funding because of the tasking requirements for bank loans. Fresh graduate who do not have any source of cash miss job interviews because they lack the transport fare,” said co-founder Ernest Mbila.
“We want to bridge this friction of the market. The low minimum wage in Nigeria makes executing capital-intensive projects impossible for payday earners. We want to make it possible for them, via payday loans.”
The self-funded startup said it has already seen positive uptake, providing three clients with loans since its launch, but is looking for investment to satisfy demand.