Rinchi
TechInAfrica – OneFi is a Nigeria-based startup founded by Ngozi Dozie, Chijioke Dozie, and a Nasdaq listed company, Net1. The main target of the startup is individuals and SMEs, particularly the underserved populations. So far, it has disbursed more than $40 million to consumers since the establishment.
Through its mobile platform called Paylater, consumers can get access to credits, convenient payment solutions, investment opportunities, as well as user-friendly tools for personal financial management. Furthermore, consumers can also do transactions like pay bills, transfer money, and recharge airtime via the mobile app.
OneFi was recognized as the first African fintech platform that receives a credit rating. In December 2018, the Global Credit Rating Company assigned a BB credit rating to the Nigerian startup. The rating was given due to the full transparency that the startup has provided to its customers and stakeholders.
Unlike conventional lenders, OneFi offers loan service that makes the processes a lot quicker and cheaper. Due to the best service of the startup, many SMEs are benefited from it—their businesses show some improvement and growth.
Having asked about OneFi ambitious steps, the startup said that it would like to get bigger in Nigeria first before spread its wings to new markets. Moreover, the startup also said that it plans to introduce services on USSD mobile technology to reach out customers who don’t own smartphones. Additionally, it also wishes to become a full-service digital bank soon which happens to change its name next month.
The startup is funded via funding rounds and has currently secured approximately $10.8 million in total. And only recently, the startup has received a $5 million debt facility for Paylater gained from Lendable, a New York and Nairobi-based funding provider for African consumer and SME lenders. The debt facility will be used to deploy more loans to customers of Paylater, particularly through its new products.
Source: africabusinesscommunities.com
