OneFi, a Nigerian based micro-finance company has obtained an approval for debt facilities of $5 million from Lendable, based in Nigeria. The funding provided to OneFi will be used to deploy more loans on its consumer facing mobile platform known as Paylater. The Paylater platform has deployed over $60 million across 750,000 loans at an approval rate of 1500 loans daily at an average of $80 per loan since its creation. OneFi was established in 2012 by Chijioke Dozie and Ngozi Dozie and the platform also helps users transfer money, recharge airtime and pay bills.
Lendable is a company that provides loans to small to medium enterprises and therefore transform these companies into credit competitive asset classes in the African market. Lendable has partnered with Visa and now also provides credit via QR codes at supermarkets, clinics and public transport hubs.