Mobile money refers to the use of mobile phones for financial transactions. Progress in mobile communications technology and encryption systems has changed the economics of financial service provision, particularly in remote areas, rapidly expanding the number of people able to access these services. Mobile money in Nigeria has grown exponentially in recent years. Over 80% of adult Nigerians have access to feature phones, enabling them to use mobile banking services to access loans. 28% of
Peer to peer lending in Nigeria is usually based on loan terms between three months and two years. A few factors affect the term of your loan, but most often, the amount of your loan and your loan grade weigh mostly heavily in determining the term. In this educational guide we highlight the taxonomy of peer to peer lending. Taxonomy 1. Application Based on application, peer‐to‐peer platforms can be classified into two categories. General platforms The goal of the Bank Verification Number (BVN) is to uniquely verify the identity of each Bank’s customer for ‘know your customer’(KYC) purposes. It also helps lenders to know the true identity of each borrower, so knowing how to check your BVN is key to securing a loan in Nigeria. A customer enrols at any branch of a bank where he/she has an account or intends to open an account in order to get a A business plan is key to securing loans for your business in Nigeria. It informs the lender of your objectives, strategies, sales, marketing and financial forecasts. It also helps you to clarify your business idea, spot potential problems, set out your goals and measure your progress. In this guide we show you how to write a business plan to improve your chances of securing a business loan in Nigeria. Tips when writing your business plan Unsecured personal loans allow you to borrow funds without using an asset, such as a car, as security. This type of loan gives you more flexibility in terms how you use your loan amount. You can use your funds to make a large purchase, consolidate debt, or anything else you like. Find out if this type of loan is right for you by reading this guide. How do unsecured personal loans work? Unsecured loans involve There are traditional financial institutions which predate the banking system that engage in limited financial intermediation by channeling funds between lenders and borrowers. Informal loans in Nigeria are key to improving access to credit and social cohesion in towns and villages. Informal Markets Communities form themselves into small groups in mutual aids. Even with the advent of modern banking, informal loans in Nigeria still persists largely because banks are inadequate to cover towns and villages. Introduction The two most popular types of bank loans in present day banking services in Nigeria, these are loans and overdrafts. Other forms which may not necessarily take the shape of a loan account or an overdraft account include discounting trade bills, negotiating bills on letters of credit as confirming bank, or investing in equity stocks and gilt-edged securities. Whatever form of lending is adopted in any given case depends on the purpose of the
