It’s been a tough economic year and everyone has had to make financial adjustments. The price of goods has increased exponentially with Nigeria’s headline inflation number reaching 27.33% in October this year. A full tank of fuel for a car has gone from about 15k in May 2023 to about 56k in December of the same year, more than triple times the price earlier in the year. Many Nigerian businesses currently make a median monthly revenue lower than NGN 300,000 (Less than $400), so imagine how much their employees are paid. To continue to survive, people need access to credit to pay rent, pay school fees for their kids, or even feed their households.
To solve the problem of credit, Sparkle MFB is set to launch Sparkle loans, a small-interest loan product accessible to everyone. Sparkle is a digital bank that leverages technology and data to provide seamless banking solutions to Nigeria’s retailers, SMEs, and individuals. The Bank is on a mission to help Nigerians do what they want to do and it is doing this through simple digital banking and business solutions. Speaking about this yet-to-launch product, Sparkle’s Marketing and Communications Lead states “At Sparkle, we firmly believe that your plans or dreams should not be put on hold, and thus, we are committed to providing you the quick cash you need to do what you want to do without waiting around”
Sparkle loans will be available to everyone who banks with Sparkle. Sparklers (Sparkle users) who carry out lots of transactions on the app will see their eligibility for a loan increase. Potential Sparklers can prequalify for a loan by signing up to Sparkle and carrying out activities on the app incrementally. Sparkle offers digital banking services like money transfers and bill payments so you can get electricity tokens or airtime/data, save money, and get access to a host of other financial services.
Sparkle loans will range from as low as ₦5,000 to as high as ₦1,000,000 making it accessible to anyone regardless of income level. Other benefits of choosing Sparkle loans include:
- Easy access: You can get a loan anywhere at any time straight to your Sparkle account on the app.
- Low interest rates: The interest rate on these loans will start from a minimum of 17% to a maximum of 25%. This makes these loans accessible to everyone and more affordable than a lot of other loan alternatives.
- Inclusiveness: there’s no human bias in who gets a Sparkle loan. Loan eligibility will be based on data analysis and this data will be your transaction activities on the Sparkle app, your KYC documents, and your character (your basic behavioural patterns on the app like your bills payment activities, etc. and also a credit check).
- No collateral: To get a Sparkle loan all you’ll need to do is apply directly on the app. There will be no complex forms, no collateral or guarantor needed, and no hoops to jump through, just easy access to credit in minutes.
Sparkle is offering an inclusive and transparent loan product to help Nigerians thrive. With easy access to credit Nigerians can succeed in their present endeavours while also investing in their future. With Sparkle loans, people can educate their kids, pay rent, and feed their families. Get ready to enjoy low-interest loans from Sparkle early next year!
Find out more here.
Click here to download the Sparkle app and start building your eligibility for sparkling loans.
