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Two entrepreneurs are set to unveil Nigeria’s first online lender.
Tunde Kehinde, a Harvard Business School graduate and former managing director of Jumia, Nigeria’s biggest online retailer initiated the idea alongside another entrepreneur set to float Lidya, Nigeria’s first online-only bank, in October 2016.
Lidya will be based in Lagos and offer small and medium-sized businesses unsecured loans of between $500 and $15,000. While it will initially focus on Nigerian customers, Lidya will target cities across Africa, according to Tunde Kehinde, a co-founder.
“In my experience, there are two clear barriers hindering the successful development of economies across Africa. ACE was founded to address the infrastructural challenges preventing companies from connecting with their customers. Lidya is our solution for the over 300 million consumers on the continent who have bank accounts but don’t have access to credit, trade finance and personal investing tools to grow their businesses and plan their futures,” Kehinde said.
Lidya will be opened next month and also partner with Nigerian banks to allow them to use it as a platform to target small businesses.
Tunde Kehinde, a Harvard Business School graduate and former managing director of Jumia, Nigeria’s biggest online retailer initiated the idea alongside another entrepreneur set to float Lidya, Nigeria’s first online-only bank, in October 2016.
Lidya will be based in Lagos and offer small and medium-sized businesses unsecured loans of between $500 and $15,000. While it will initially focus on Nigerian customers, Lidya will target cities across Africa, according to Tunde Kehinde, a co-founder.
“In my experience, there are two clear barriers hindering the successful development of economies across Africa. ACE was founded to address the infrastructural challenges preventing companies from connecting with their customers. Lidya is our solution for the over 300 million consumers on the continent who have bank accounts but don’t have access to credit, trade finance and personal investing tools to grow their businesses and plan their futures,” Kehinde said.
Lidya will be opened next month and also partner with Nigerian banks to allow them to use it as a platform to target small businesses.
