By Prince Osuagwu

Fintech startup, Egoras, has launched a zero-interest microcredit service aimed at providing simplified financial solutions to small-business owners. The service according to Egoras is to drive financial inclusion and access to funding for more Nigerians.

The instant interest-free loan service will also help to revolutionize the Nigerian-financial ecosystem as it introduces collateralization of fairly-used assets such as electronics, furniture, and other types of household assets. 

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The service will spread credit facilities to the unbanked and underserved persons within the Nigerian financial ecosystem.

Chief Executive Officer of Egoras, Ugoji Harry, said the new service reinforces the company’s commitment to easing financial burdens of many Nigerians through financial technology.

He said: “Our vision as a fintech company is to build a digital ecosystem that thrives on blockchain technology which empowers Nigeriansand smallbusiness to access instant microcredits seamlessly. We aim to promote economic growth by eliminating the barriers created by traditional financial institutions which make access to credit facilities difficult.

 “It is on this backdrop that we developed a unique system that is centred on the exchange of used assets for repayment purposes to support the growth of Nigerian business community, the unbanked and underserved populace,” he said.

Also, Media Director for Egoras, Moses Mudiaga, expressed optimism that the company’s business model would redefine the operations of the financial ecosystem across the African continent.

He said: “For us at Egoras, we truly understand the pain points of Nigerians, especially small-business owners, who are frantically striving to access microcredits to either cater for their private needs or to upscale their business operations. It is on this understanding that we have designed this bespoke microcredit scheme that seeks to support Nigerians and small enterprises through the provision of zero-interest instant loans with a flexible repayment plan,” he said.