A lending financial technology company, Kiakia, has launched an app designed to enable users invest and access loans.
The app is android based and targeted at persons 18 and above with legitimate income.
An individual can invest in the funding of secured personal and business loans originated, underwritten and booked by KiaKia across the country.
Such individual can in turn earn quarterly, bi-annual and yearly interest income.
KiaKia launched and began operations in 2016.
Since launching, the company has facilitated, structured, originated and disbursed over N4.5 billion as personal and business loans to individuals and Micro, Small, and Medium Enterprises (MSMEs) across Nigeria, says a statement from the organisation.
In 2019, it was the recipient of IFINCA award (Inclusive Finance Nigeria Conference and Awards) for the best Peer-to-Peer (P2P) lending platform in Nigeria.
The CEO, Chiemeziem Anyadike said prior to its P2P App launch, its peer-to-peer lending investment had been privately exclusive to high income individuals in the last 3 years.
According to him, lenders earn interest income on funds which it disburses to MSMEs as secured and unsecured loans across multiple sectors.
He explained that interest rates range between 10% to 40% depending on the package and tenure subscribed to.
The App also offers Halal option, where individuals can earn predetermined profit by funding businesses as a substitute for interest, according to head of non-interest services, Ismail Abiodun.
Individuals can lend out a minimum of N50,000 and a maximum of N2.5m for a minimum of 6 months and maximum of 18 months as against the previous supposed, financially discriminatory minimum threshold of N1,000,000.
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