Branch announces 1 millionth loan disbursed since the launch of the application two years ago • Techpoint Africa
Financial inclusion is one of the most important and important topics in the Nigerian financial system. Despite the country’s huge population, transparent financial services have yet to penetrate deep into the country.
For many people, it is still extremely difficult to access capital for critical business and personal needs.
According to the UK’s Enhancing Financial Innovation and Access (EFinA), 34.9 million Nigerians over 18 have been financially excluded.
In particular, this group includes dynamic individuals operating in the informal economy – from Iya Tobi who runs this fast growing canteen on the street; to engineer Chidi, your reference for all generator repairs; even Sanusi which supplies you with fresh tomatoes and yams.
We all depend heavily on these informal operators and the services they provide. So why shouldn’t they have access to better financial services, especially credit to grow their business?
That’s where Branch comes in.
Plugged is a leading instant loan app that uses data science to dramatically increase access to financial services for millions of Nigerians. Branch offers quick loans that help people meet their business and personal needs. But more importantly, Branch helps provide loans essential for small business growth.
With just a smartphone, customers can borrow between 1,000 and 200,000 N without any stress.
The branch was first launched in 2015 and became available to Nigerians in 2017. Over the past two years, the app has seen incredible growth in Nigeria.
Branch now has over 1.2 million users in Nigeria. The growth rate is amazing and it is a testament to the usefulness and demand for its service.
Today, the company has disbursed over 1 million loans worth over 9 billion naira in Nigeria alone. It is N 9 billion that has helped individuals, families and businesses to make significant progress, especially in the informal economy.
Why do people trust the branch?
With Branch, customers can instantly borrow the amount they need without ever having to go to a physical office to apply for a loan.
All loans are approved, disbursed and repaid directly from the app.
Branch has earned a trustworthy reputation through the transparency of its services and its customer-centric approach to product delivery.
This reputation is a key factor in the impressive achievements it has achieved over the years in all the markets where the app is used.
Branch has experienced unprecedented global growth, now operating in Nigeria, Kenya, Mexico and India. Users in these countries have downloaded the app over 5 million times. In addition, Branch has now processed over 14 million loans worth over $ 350 million in these countries. Thanks to its sterling records, Branch has received more than $ 250 million in investments since 2015. Most recently, in April 2019, the company announced funding of $ 170 million.
Branch seeks to offer more services to clients who have traditionally been excluded from accessing financial services. To ensure that a user can repay a loan, Branch uses proprietary technology to analyze users’ creditworthiness using phone data. It analyzes basic details with the user’s permission to determine if a user is eligible and how much money a user can borrow.
Currently, Branch is one of the most downloaded financial apps in Africa. The app easily caters to your loan needs, allowing you to focus on growing your business and achieving your personal goals. And in the process, Branch reached out to more people, lifting them out of financial exclusion.
Download the Branch app today and get access to Nigeria’s most innovative personal finance app. You just have to try it for yourself.