Paylater, an Android app that allows Nigerians to digitally access loans has crossed the 1 million downloads and has over 800,000 registered users, according to the company.
In a statement, Paylater said this year alone, it has loaned over $17 million to Nigerian consumers in 2018 so far.
“We are very excited by the market adoption of Paylater and we believe there is still a significant growth opportunity ahead for digital financial services” – Co-founder and CEO Chijioke Dozie
Before Paylater, only commercial banks — with physical branches nationwide and extremely large capital bases — had the reach, stability and customer trust to offer financial services to a variety of people. Unfortunately, these same institutions turned record profits by taking deposits from average consumers, and reserving actual ‘banking’ services like loans and investments for large corporate entities and high-net worth individuals.
“Access to credit is a fundamental human need and the foundation on which most modern economies are built. Pioneers like Paylater have embraced the difficult task of unlocking the power of financial access for the underserved, and so far, it looks like they are winning,” the company stated.