As nairaCompare.ng a new platform for comparing loans and other financial services makes its debut, its promoters are assuring borrowers and lenders of mutual benefits.
Managing Director of Suretree Limited; Mr. Tayo Fabunmi, said its new product, nairaCompare, would provide Nigerians with quality information to access personal and business loans on the one hand, while supporting financial services providers with data that help them tailor their products to the right target market on the other.
In a statement announcing its launch, Fabunmi said nairaCompare would be able to achieve this because it had been designed to understand consumers’ needs and providers’ products intimately. “nairaCompare is an intelligent marketplace that understands consumers and providers’ products intimately. It is a one-stop shop to compare a wide range of products; a platform where consumers are introduced to the best financial services to meet their needs,” he said.
Click here to get answers to frequently asked questions about nairaCompare.
For consumers, Fabunmi said nairaCompare would give them the opportunity to compare financial services from multiple providers with ease.
“For the retail user, the ability to evaluate different financial services products from different providers at the click of a few buttons is more convenient, less expensive, less obtrusive and more efficient than visiting different websites or branches of banks and other financial institutions. As a bonus, whilst bank branches shut down at 4pm, nairaCompare is available every hour of the everyday – 24/7 in the customer’s lingo. “Our strategic priorities are to help Nigerians save time and money on their bills. No more overspending; no more time wasted looking for the best deal. No more confusion,” he said.
For the financial services providers, Fabunmi said nairaCompare would help them reach more customers as well as get necessary data on them.
According to Fabunmi: “nairaCompare is not just a price comparison platform, a role which it does excellently well, it is also positioned to be a retail fulfilment platform for financial providers who choose to onboard their services and customers through us.
“Drawing from a legacy of digital marketing and customer experience management, the platform can deliver a provider’s financial products to a broader spectrum of customers, at a much lower cost than the traditional sales channels employed by banks and other financial institutions.
“As part of its fulfilment capabilities, it is set to play a pivotal role in the standardization of customer onboarding and risk assessment for financial services providers, further lowering the cost of customer acquisition, whilst at the same time reducing the loss from defaults for financial services provide.” Explaining the need for a platform like nairaCompare, Fabunmi said less than 30 per cent of Nigerians can access loans formally despite the country having a large loans market worth about N500 billion as at 2017.
“The Nigerian financial marketplace is still largely underserved- with credit penetration hovering around the 30 per cent mark and with a lot of other financial inclusion metrics unmet.
“Only 4.3 per cent of Nigerians got their loans from banks, while another four per cent got their loans from other formal sources. However, 23.3 per cent got their loans from informal sources, while a whooping some 77.7 per cent got loans from family and friends in 2018.
“Majority of Nigerian adults do not access credit. Only 29.7 million individuals took loans in 2018.” Compare interest rates and apply for small business loans up to N20,000,000 here .
With nairaCompare entering the loan space employing technology and backed by Suretree Group’s experience in customer relations, data-driven aggregation, provider relationship, Fabunmi is optimistic that gap would soon be bridged by expanding access to loans to Nigerians according to their income, needs and risk appetites. He said: “Individuals who earn above ₦200,000 per month; individuals who earn below ₦200,000 per month, formal employees and self-employed individuals such as, entrepreneurs, petty traders, farmers, artisans, manual workers would be served by nairaCompare.”
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Fabunmi said the platform would aim to meet the varied financing needs of Nigerians of various ages regardless of their risk appetites - low, medium, or high.
