…targets financial inclusion for underserved communities

By Juliet Umeh

Financial technology firm, Andray Finance, has launched a mobile lending application on the Google Play Store and the iOS App Store, in a move aimed at curbing predatory lending practices and expanding access to ethical credit for underserved Nigerians.

The company said the launch marks a major milestone in its drive to provide transparent and dignity-centred financial services, while addressing widespread concerns over exploitative “loan shark” operations in the country’s digital lending space.

Headquartered in Oniru, Lagos, Andray Finance noted that its transition from a Software-as-a-Service, SaaS, platform to a consumer-facing mobile application was informed by the need to directly serve individuals seeking fair and secure lending options.

The firm explained that the move allows it to deploy its enterprise-grade security infrastructure and ethical lending algorithms directly to users through a digital wallet-based solution.

Speaking on the development, Founder and Chairman of Andray Finance, Mr. Bayowa Fredrick Borokini, said the application represents a deliberate effort to reform lending practices in Nigeria.

“For too long, the digital lending space in Nigeria has been clouded by predatory practices that exploit the vulnerable through exorbitant rates and privacy invasions. At Andray Finance, we are changing the narrative,” he said.

“By launching on the Google Play and iOS stores, we are offering a sanctuary for borrowers, providing access to credit that is fast, fair and, most importantly, respectful of the individual’s dignity. Our evolution from a SaaS platform to a consumer-facing lender allows us to set the standard for what ethical fintech should look like in Nigeria.”

Borokini added that the company is also focused on demonstrating that lending to underserved communities can be both ethical and profitable.

“At the core of our mission is to prove that you can lend to the underserved ethically and profitably. For too long, underserved communities have been caught between lack of access to credit and the destructive trap of predatory lenders.

“We are not just giving out loans; we are providing a pathway for individuals such as artisans and traders to build verifiable financial histories and achieve long-term financial independence,” he said.

The company disclosed that the app offers a range of financial products designed to meet varying consumer needs, including payday loans for salary and non-salary earners, creative industry financing, nano loans for short-term liquidity, medical emergency support, and education financing for school fees.

Other services available on the platform include emergency loans, personal asset financing, airtime recharge and bill payment solutions.

On compliance, the firm emphasised its commitment to transparency and responsible lending, noting that it does not engage in invasive data practices such as harvesting users’ contact lists for debt recovery.

According to the company, its platform leverages advanced data analytics to assess creditworthiness while safeguarding user privacy and adhering to Nigerian financial regulations.

Andray Finance said it remains committed to delivering inclusive and innovative credit solutions that support economic growth and financial stability across the country.