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Loan apps: Approved digital lenders in Nigeria swell to 320 in September as demands for credits surge. The number of companies approved to offer loans to Nigerians through digital platforms, commonly known as loan apps, has risen to 320 as of September, up from 284 in May. This growth reflects the increasing demand for loans as economic challenges in the country worsen. While the FCCPC (Federal Competition and Consumer Protection Commission) is working to regulate the sector through its Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, the relatively easy registration process has attracted more players into the industry. “The first thing you’d consider in the financial sector right now is digital lending,” said the Chairman of the Money Lenders Association. “Microfinance has stricter regulations and higher licensing costs, but digital lending has a lower barrier to entry compared to CBN-regulated financial institutions. That’s why more companies are entering the space.”

Mobile-based lending has grown in Kenya over the last 10 years with estimates placing the platforms over 49. The problem with the industry, is that it is mostly unregulated despite including some of the biggest financial players.  Despite the small amounts of loans offered, interest rates are very high, some in excess of 43% with the borrower charged for late payments https://lnkd.in/dKS2vJU8

Bank lending in the Philippines accelerated for the second straight month, reaching 10.9% growth in August! 📈 With businesses regaining confidence and industries bouncing back, more firms are seizing opportunities to expand and invest. And this is where Kredit Hero steps in—connecting SMEs to multiple lenders on one platform. As lending conditions improve, our goal is to make it easier for businesses to find the right funding, empowering them to scale faster and reach their goals. 🚀 🔎 Visit Philstar for full article: #SMEFinance #BusinessLoans #Philippines #KreditHero #FinancialGrowth #Loan #Lending #Banking #AI #Fintech

High mobile lending rates are bound to curtail the growth of SMEs in Kenya especially in agricultural-based markets such as Wakulima, thus more regulation such as improving disclosure to the borrower on interest rates and reforming the current digital credit system https://lnkd.in/dKS2vJU8

In an era honoured by AI-driven technologies and digital transformations, how to manage our financial affairs is an excellent question to raise. The shift from traditional methods is noticeable in every sector, but more significantly in finance, where advanced solutions have rapidly replaced traditional banking methods. Having said that.. #ontarioloan #ontarioloanapp #lendittcanada #lendittca #loan #loanservices #personalloan #emergencyloan #loanapproved #loanprocess #loantips #canadaloan #paydayloans #easyloans #onlineloansapp #instantloan #quickloan #quickloanapp #loanapp #cashloan #fastloan #bestloanapp #personalfinance

Here are the top 5 online loan apps in Nigeria in 2024. This article will help identify the top 5 online lending platforms or loan apps in Nigeria, based on their user base, user ratings, swift disbursement. Click here to read: https://lnkd.in/djBz4JWi #Loanapp

Want to boost your CIBIL score? Follow these tips from 📌Keep credit utilization low. 📌Pay bills on time. 📌Mix secured & unsecured credit. 📌Regularly check your credit report. 📌Limit hard inquiries. #PaisaCompare: #beemacompare #finance #financetips #bank #cibil #cibilscore #loan #loanofficer #compare #personal #personaltrainer #homeloans #gold #goldloan #iifl #homecredit #werize #lendingkart #mpocket #larsenandtoubro #easyloan #guide #getloan #financialfreedom #financialplanning

The Top 10 Loan Apps With the Lowest Interest Rates in Kenya. Find out about them at https://lnkd.in/dt4vNP82 #LoanApps #KenyaFinance #InterestRates #PersonalFinance #Fintech #FinancialServices #KenyanApps #Credit #MobileBanking

Another important headline from BCR News, August 2024. SBP doubles clean lending limit for SMEs to Rs10m The State Bank of Pakistan (SBP) has doubled the clean lending limit for SMEs to Rs10m (US$ 119,23k) in a bid to enhance their access to finance. The central bank has amended Regulation SME R-4 within its Prudential Regulations for SME Financing. Under the revised rule, banks and development finance institutions (DFIs) can now extend unsecured loans up to Rs10 million to SME borrowers, based solely on their cash flows and backed by personal guarantees. The SBP clarified that this clean lending limit is separate from any unsecured consumer financing limits, such as credit cards and personal loans, granted to the SME’s sponsor under the Prudential Regulations for Consumer Financing. Banks and DFIs have been instructed to circulate this amendment across all branches for strict adherence. The SBP warned that failure to comply with the Prudential Regulations will result in punitive action under the Banking Companies Ordinance, 1962. Graphic is © Mark S. Mandula, CLO BCR Learning, 2024. All Rights Reserved. Selected text is © BCR News, 2024. All Rights Reserved. Used with permission.

GCash Launches GLoan Sakto “Nano Loans” to Empower Filipinos Financial Solutions   Apply for Loans as Low as PHP 100 for Daily Essentials In a pioneering move to support underserved and unserved Filipinos, leading finance app #GCash, through its lending arm Fuse, has expanded its GLoan feature with the introduction of #GLoan Sakto. This innovative fintech solution is designed to empower Filipinos, especially in the D&E sectors, by providing affordable loans for day-to-day essentials. #GLoanSakto   Empowering Filipinos with Financial Solutions GLoan Sakto is part of GCash’s commitment to developing meaningful financial solutions that cater to the everyday needs and long-term financial well-being of many Filipinos. This initiative aims to help Filipinos thrive every day through responsive and inclusive digital services. According to the 2021 Financial Inclusion Report by Bangko Sentral ng Pilipinas (BSP), approximately 43% of the Filipino adult population rely on informal sources for borrowing money for daily expenses. This highlights a significant lack of access to formal financial services, as only 22% of Filipinos are served by formal credit institutions. The heavy dependence on informal lending for everyday needs, such as transportation and school expenses, underscores the urgent need for more inclusive financial solutions to improve accessibility and reduce reliance on potentially strained personal relationships. Bridging the Financial Gap GCash aims to bridge this financial gap with GLoan Sakto. Filipinos can benefit from GCash’s nano loans by gaining quick and easy access to funds for daily essentials without relying on informal sources or straining personal relationships. This service offers a structured and reliable way to manage small, urgent financial needs, enhancing financial inclusion and convenience. Loan Details Loanable Amounts: PHP 100 and PHP 300 Repayment Period: 14 days Processing Fees: PHP 6.5 and PHP 19.5, respectively Interest: No interest charged More than just a loan product, GCash envisions GLoan Sakto as a stepping stone for Filipinos toward lasting financial freedom. It helps users build their creditworthiness, eventually graduating them to GCash’s core loan offerings, such as GCredit, GGives, and GLoan, thereby integrating them further into the formal financial system. Transformative Leap in the PH Lending Landscape The launch of GLoan Sakto marks a transformative leap in the lending landscape in the Philippines. By seamlessly integrating accessible, nano-sized loans into the everyday financial practices of millions, especially the lowest income segments of Filipino society, GLoan Sakto has broadened financial inclusion and empowered individuals with the tools needed for personal growth and stability. This innovative solution has significantly boosted lending activity, driving economic participation and fostering a more dynamic, resilient financial ecosystem in the country. For instance, 3 out...