By Kingsley Adegboye
To eradicate the bureaucracy and difficulty faced by federal workers in obtaining loans, Sycamore.ng, has launched a loan initiative for all public sector employees in Nigeria.
This is in accordance with the company’s mission to financially empower people to achieve their dreams, just as the initiative stands to empower all federal government workers across the country, including the Nigeria Police Force and other qualified staff.
According to the Chief Executive Officer of Sycamore, Mr. Babatunde Akin-Moses, “The difficulty faced by public servants in obtaining a loan is glaring.
“The Sycamore USSD loan initiative opens the possibility of obtaining a loan from any mobile device. All public sector employees in Nigeria can obtain a loan from their mobile devices by simply dialing a USSD code.”
Corroborating Akin-Moses, the Chief Marketing Officer of the company, Miss Onyinyechukwuka Okonji, said “By dialing the code *347*34#, all qualified applicants can access quality loans of N20,000 and above with a repayment duration of one month and above.
“There is no limitation to the amount of loans that can be obtained.
“With the condition that the obtained monthly loan can be repaid within 40 percent of the public servant’s salary, all public workers can access different variations of personal loans.
“The Sycamore public sector loan is committed to empowering the public workers, as it has a very competitive interest rate.”
The company’s Board Chairman, Mr. Bade Aluko added: “The initiative is borne to solve the problem that all public servants face in getting timely access to loans.
“The application for this loan is made as seamless as possible and can be completed within three minutes. Only two details are required in applying for this loan.
“The first is the Bank Verification Number (BVN), which is needed in every banking or financial activity in Nigeria.
“The other required detail is the Integrated Personnel and Payroll Information System (IPPIS) number, which is peculiar to federal public workers in Nigeria. With these details, any and every public sector worker can obtain loans.
“The initiative eradicates the hassle of collateral, guarantor, and other paper works that are usually required in obtaining a loan.
“Sycamore has ensured speed and accountability in the disbursement of public sector loans. The company offers instant loan disbursements for amounts of N50,000 and below, with a turnaround duration of less than six months for applications higher than N50,000.”
Mr. Akin-Moses further noted that “The process for this initiative is completely hassle-free. The application and repayment process is as fast as possible.
“As a Fintech platform in Nigeria, we are committed to empowering people in achieving their financial goals. Repayment of the Sycamore public sector loan is also fulfilled easily, without any involvement with the applicant.
“At the end of each month, all repayable loans are automatically deducted at source, so that customers need not worry about repayments. The innovation behind this initiative tries to completely eradicate the bureaucracy involved in obtaining a loan as a public servant.
“This initiative sets out to empower public servants in attaining their personal and business goals in Nigeria.”