A property technology company, SmallSmall, has said it has evolved mechanisms to drive adoption of instalment payments across several industries in the country.
Chief executive officer, Small Small Technology, Tunde Balogun, made the disclosure in a statement on Thursday in Lagos.
Balogun emphasised that it was critical for businesses to adopt instalment payments to ensure sustainable growth and provide a much needed succour for the Nigerian middle class, whose purchasing power was being eroded by inflation.
“Nigeria has been a cash based economy for decades and this model is now outdated and working against our economy.
“The demand to pay for everything in cash has fueled a lot of ills in our society including greed and corruption.
“In Nigeria, we brag about paying for things in cash, and when we are faced with a tough economy as we have now, everybody goes into hiding and eats their breakfast in silence.
“Why don’t we adopt consumption models that are sustainable and promote an inclusive economy for everyone, which will ultimately allow us to grow our market size and GDP as a country?,” he said.
Balogun said SmallSmall’s pioneering and award winning products, RentSmallSmall and BuySmallSmall, have transformed the way Nigerians rent and buy properties.
He emphasised that companies offering instalment payment should have proper structure that allows it to capture the customers’ repayment history and log them into a central credit bureau system.
“This way, Nigeria can have a robust credit database showing citizens’ credit history and credit worthiness,” he said.
To deepen its adoption, Balogun said it would host the first-ever instalment payment Fair in Nigeria showcasing the transformative power of instalment payment solutions across diverse industries.
According to him, the fair is a platform for hundreds of companies offering instalment payment to meet and sell directly to over 5,000 credit worthy consumers in person, all under one roof.
Balogun emphasised that the event scheduled to hold in Lagos on August 17 underscores the importance of ensuring that the middle class remains relevant, as a critical asset to the progress and future of the economy.
