Fintech leader Wongafix has launched Nigeria’ s first digital lending solution platform targeted at low-income earners in partnerships with their employers.
The move will serve as relief for Nigerian low income workers who have been finding it difficult to have access to loans. The new product affords employees the opportunity to have access to quick, affordable, and responsible loans.
According to the Managing Director, and Co-founder of Wongafix, Olabanke Adunni Nwaoze, workers in sectors such as manufacturing, logistics, education, and healthcare among others are to benefit from the new product.
She said the system links with the employer’s payroll systems, allowing employees to have easy access to funds and stress-free repayment.
“The initiative was to bridge the gap between the banked and underbanked workforce in Africa who have no access to loans due to lack of collateral and credit history, or formal banking access, Wongafix’s innovation seeks to address these gaps by working hand-in-hand with employers to validate and support lending.” she said.
She added: “By integrating directly with payroll systems, the solution ensures easy access to funds and stress-free repayment for workers in sectors such as manufacturing, logistics, education, and healthcare.
The MD further said the new product is ‘designed to provide quick, affordable, and responsible loans to employees who are typically excluded from formal credit systems.”
Nwaoze said companies across key sectors are already keying into the initiative as a way to improve the welfare of their employees.
She noted that the company plans to expand the service across several states in the coming months, with a focus on both urban and rural populations.