CreditDirect, a fintech arm of the FCMB Group, has launched a fully digital, end-to-end ‘Buy Now Pay Later’ solution and other products, marking the company’s strategic evolution beyond lending into retail investments and payments serving both individuals and businesses.
The digital solution licensed by the Central Bank of Nigeria offers lending and fund management to individuals and businesses and it has served millions of customers nationwide since 2007.
At the launch event, Credit Direct’s Managing Director/CEO, Chukwuma Nwanze, emphasized the company’s mission, stating:
“Our products are tailored to empower individuals and businesses, helping them achieve their aspirations by providing access to credit, payments, and investment solutions. We operate on an embedded finance philosophy, ensuring our model is sustainable, scalable, and disciplined.”
“We’ve established the most capital-efficient financial services business in Nigeria, generating billions in profits. Our return on equity exceeds 80%, and we boast one of the industry’s lowest non-performing loan ratios, demonstrating our financial stability and prudent risk management.”
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Credit Direct’s Buy Now, Pay Later solution, Checkout, offers a seamless credit experience, providing up to N1 million in credit at the point of shopping, and integrating into existing shopping habits. The firm aims to generate N500 billion in sales over five years, supporting 200,000 MSMEs and impacting five million customers through this solution.
Other digital products launched include Yield by Credit Direct, a fund management platform offering up to 21 per cent annual returns designed to democratise wealth-building, and the Credit Direct Mobile App, which is a single, integrated platform offering customers access to payments, credit, transfers, and wealth-building tools all in one solution. The firm is targeting one million downloads within year one, positioning the app as a key driver for financial inclusion.
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