The payment process is seamless, secure, and powered by Flutterwave.įounded by Fehintolu Olaogun and Olorunfemi Jegede in 2018, CredPal is a revolutionary credit solution geared towards providing seamless credit access for businesses and individuals across developing economies. If a customer wants to get a product that is not available on the app, there is a ‘Request a product’ feature that allows you to ask for that product to be provided on CDcare. Any duration for payment as chosen by a buyer must run its course and it cannot be reviewed once payment starts. Then the payment continues until complete.Īll purchase orders are subject to approval. The desired item will be delivered before full payment in the middle of the customer’s instalment period (50 percent instalment). The company was founded in 2020 by Oluwatobi Odukoya and Ayodeji Farohun, both CEO and COO, respectively.ĬDcare operates a flexible instalment payment scheme that helps customers pay an equal amount weekly or monthly towards buying an item. SpreddaĬDcare is a marketplace for Nigerians to buy their favourite gadgets and household appliances and pay in instalments at zero percent interest. With a minimum down payment of 20 percent, Spredda keeps the product for customers at the retail price with no extra cost and delivers it to their doorstep upon completion of payment. Lay-by is an interest-free instalment payment option that allows customers to reserve products while they make easy payment over a maximum period of three months. PayQart is a third-party application that allows the immediate purchase of an item with a six-month payback tenure. Spredda offers two instalment payment options namely PayQart and Lay-by. The interest rate on Easybuy varies depending on the loan tenure.Īt Spredda customers can purchase home appliances, electronics, mobile phones, furniture, computers, generators, fashion and beauty products, sports and fitness products, etcetera at affordable prices. Customers are obligated to make a 30 percent deposit of the phone price or price of the device they intend to purchase, with available loan tenures of three to six months. Upon completion of registration and the initial deposit, the agreed monthly repayment is debited automatically from the borrower’s bank account until the loan tenure expires. On this platform, customers get to purchase mobile phones and other devices on credit and pay back in instalments. NowlaterĮasybuy is a mobile device financing platform operated by Palmcredit, a consumer loan app. Once a customer agrees to use Nowlater, a lending partner pays the merchant on the customer’s behalf in exchange for a promise to repay the same amount plus a finance charge as determined by their creditworthiness. Their products and services cover fashion and beauty, household appliances, food and groceries, electronics, and furniture. Nowlater creates a platform where customers can make purchases from local and international brands, and pay back in instalments, giving them the flexibility they require. Nowlater is an open-ended instalment loan product with standard repayment tenures of three, six, or 12 months. Here is a list of some of these platforms: To establish trust and ensure financial safety, these platforms often require a valid identification card (voters card, international passport, or driver’s licence), and a bank statement or bank verification number. These credit solutions platforms give Nigerians the option to purchase certain products, mostly electronics, and spread payment across a specified period of time. To aid people’s purchasing power and alleviate their financial burden, several platforms that enable people to buy and pay for items in instalments have sprung up. And people often have to let go of a significant part of their earnings, if not all, to purchase things. Many (middle-class) Nigerians live paycheck to paycheck and are increasingly finding it difficult to meet their needs. It won’t be implausible to say Nigeria’s middle class is the new working class, in terms of earnings and purchasing power. Worse still, given the current state of the country’s economy and the daily rising cost of living, more and more Nigerians are moving down the socio-economic ladder. It also means that half the country’s population cannot acquire or enjoy basic necessities due to their low purchasing power. This figure demonstrates the extremely low standard of living in the country. Nearly 90 million Nigerians, almost half the country’s total population, are living in extreme poverty. In 2018, Nigeria overtook India to become the world’s poverty capital.
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