In just one year of existence in Nigeria, Branch International, one of the fastest growing digital financial platforms is targeting to disburse more than N4 billion and generate over half a million loans in the country this year.
The CEO of Branch, Matthew Flannery who disclosed this recently said that Branch is also investing in their Lagos office and plan doubling the number of employees.
Flannery said “I couldn’t be more thrilled to be working in Nigeria with Branch. The startup community is incredibly dynamic, and the country is poised for a FinTech explosion. The early response from our customers shows that there is a massive need for a product like Branch. We hope to play a significant role in increasing access to modern financial services in Nigeria over the next decade”.
According to the CEO, Branch offers a unique proposition to the average Nigerian, providing users with access to instant loans on their mobile devices.
He said “Android smartphone users can receive loans between N3, 000 to N150, 000 requiring no face-to-face meetings, lengthy application processes, collateral or paperwork. As Branch customers repay their loan, they unlock access to larger loan amounts and more flexible terms. More than 75% of customers use Branch loans to help start or grow their business or meet financial obligations. Notwithstanding, Branch has no restrictions on the usage of the loans; customers are given the independence to make their own financial decisions”.
Unlike traditional financial institutions, Branch provides customers with the opportunity to build their credit regardless of their banking history by assessing their loan eligibility based on the data procured from customer’s smartphones.
With the customers’ consent, Branch’s algorithm, he said, processes thousands of data points to create customized loan options. These data are protected using world class security and encryption techniques to ensure the safety of customers’ private information.
In Nigeria, Branch has disbursed over N1 billion and over 100,000 loans since inception. The company’s growth has also continued to accelerate and in the first quarter of 2018, Branch grew 50 percent month on month in Nigeria.
Explaining the successes recorded in Nigeria, Branch Country Manager, Maria Rotilu said “The growth that we have seen indicates that our product is providing a valuable service and solving a meaningful need for Nigerians around the country,” says Country Manager Maria Rotilu. “The rapid user adoption is a clear sign of a strong need for fast, accessible world class financial services.”
Branch celebrated their first year in the Nigerian financial-technology industry. Despite the proliferation of Fintech industries in Nigeria, Branch has successfully distinguished themselves as providers of world class financial services.
Through their innovative approach to lending, Branch has equally provided world class financial services to the underserved and unlocked financial access to customers around the country. The company provides fast, fair and flexible loans without late fees, hidden charges, rollover fees or restrictions on money expenditures.
Founded by pioneers of micro lending and leaders in finance and technology, Branch has established offices in San Francisco, Lagos, Nairobi, and Mumbai with plans to expand its financial services to additional countries. Currently the top finance app in Africa with over a million subscribers globally, the company plans to diversify into savings and payment activities which will be included into the financial platform.
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