Extramile Africa, a fintech firm, has offered soft loans worth N4 million to Micro, Small and Medium Enterprises (MSMES) in Nigeria. The loan is with the intention of boosting financial inclusion and social empowerment.
The pilot scheme of this soft loan initiative was commenced in Akure, Ondo State. Also, there was a launch of the firm’s mobile/merchant app and USSD code.
According to Bankole Olalekan, the Co-founder and Chief Executive Officer of Extramile Africa, the initiative is a move that would boost the economy, and redistribute wealth.
Olalekan said “Access to funds is one of the major challenges faced by MSMEs. Hence, there is the need to fill the gap between financial institutions and small businesses. We are set to reach the hinterlands, especially where there are no banks. We plan to reach over 200,000 Nigerians and 5,000 MSMEs in the next few months.”
Also, Victor Olatunde, the Chief Marketing Officer, said the mobile and merchant app is available on Google playstore.
“Using the app, you can access your money in the mobile wallet and get 25 percent Returns on Investment (RoI)” Olatunde added.
For more about soft loans to MSMEs, visit www.smefinance.org