Tuesday, January 3, 2017

How To Access Loan in Nigeria Through Lydia Bank Without Collateral

Tunde Kehinde and Ercin Eskin are the founder of LYDIA BANK the first online only bank in Nigeria.

The basic idea of Lydia bank is one  any entrepreneur across Africa gets finance to grow his or her business as long as you can show that you have solid business and you are growing and looking for capital for inventory or working capital, Lydia bank will help you to get that.

What Lydia bank is doing is using digital technology and increase internet penetration in Nigeria to help small business over come the challenges of access to credit from a tiny office space Located in Lagos, they run the digital only bank that has the potential to make enormous impact on small business not just in Nigeria but in Africa as whole.

Lydia bank works with SME so that  they can understand businesses level turn over, their level of cash flow and all those data point to help them access financing that is the new collateral in this age (Data).  Unlike the traditional commercial banks in Nigeria with their strict policy that offers SME conditions that demand collateral before getting loans. 

If you have access to your business data and smart phone, internet you will be able to apply for the loan online on Lydia bank website or by visiting their physical location. Lydia gives loan base on the credit rating of potential clients and the ability to repay on time increase the chances of getting further bigger loans.

Lydia is not really a bank in the actual sense but a financial platform that work with banks to help give loan to SMEs. Around 6000 thousand have signup with lydia bank and about 100 Registered SME has been given loan. 

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