Startup Profile: FINT — easily access affordable credit for your business

by | Apr 13, 2017

The brainchild of Chiwete John-Njokanma, FINT is a peer-to-peer lending marketplace that provides business owners with access to affordable credit. FINT connects borrowers to investors who are looking to make attractive returns from investing in such loans.

How it works

Upon visiting the site, users can indicate whether they are in need of finance or want to invest. Those who want to borrow are screened through a national credit agency, xds Credit Bureau, and an in-house proprietary risk algorithm that determine the borrower’s credit-worthiness and interest rate (believed to be in the range of 24% -37%) respectively.

Once accepted, the borrower’s loan request is uploaded on the online platform to reach full funding in a given time period, whereby one or more investors(individual or institutions) invest, based on their portfolio demands and investment criteria. Investors earn returns from monthly loan repayments (principal + interest) made by the borrower over the span of the specified loan period.

Thoughts

With only a small percentage of the Nigerian population having access to personal loans, it is no news that the Nigerian perception of credit availability is deplorable.

Following its mandate to provide borrowers with the opportunity to apply for loans of ₦60,000 to ₦2 million (for periods of 6, 12, 18 and 24 months), FINT’s effort is laudable.

The only concern here may just border on the issue of trust with convincing investors to put their money on the platform. Despite this challenge, FINT is aiming to facilitate $100 million in loans to allow Africans pay for basic needs like healthcare, shelter, education etc by 2025.

To get started with FINT, you are just a click away from the website.

Photo Credit: majjed2008 Flickr via Compfight cc


Discover new startups every weekday by 9am (WAT) | Pitch your startup here.

Looking to transition into tech? Learn how to code in 1 year with AltSchool Africa. Earn a diploma in software engineering at $0. Apply Here.

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Recent News

Betting $165 million on Africa’s B2B eCommerce in 2021

Betting $165 million on Africa’s B2B eCommerce in 2021

While Africa’s eCommerce struggles frequently make the news, investors have bet a combined $165 million on a growing class of startups in 2021. Today on #TechpointDigest, @eruskkii discusses the rise of B2B marketplaces in Africa.

Subscribe to Techpoint Digest!

A daily 5-minute roundup of happenings in African and global tech, sent directly to your email inbox, between 5 a.m. and 7 a.m (WAT) every week day!

Please check your email to confirm your subscription.

Subscribe to Crypto Explorer

A monthly series featuring in-depth analysis on the cryptocurrency sector in Africa

Please check your email to confirm your subscription.

Subscribe to The Experts

A bi-weekly where tech career specialists take us on their journey from newbie to expert, and how they became successful in the industry.

Please check your email to confirm your subscription.

Subscribe to Founder's Table

A monthly series, where we catch up with founders in the startup ecosystem, learn about their failures, successes and a few tricks of the trade

Please check your email to confirm your subscription.

Copy link
Powered by Social Snap