Option Financial Services has entered Nigeria with a strategic move to bridge the gap in the market for accessible, affordable, and flexible loan solutions faced by Micro Small and Medium Enterprises (MSMEs).
The organisation through its Daily Loan Solution (DLS) designed specifically for petty business owners aim to empower these entrepreneurs with the necessary funds to grow their businesses, create jobs, and contribute to the economic development of Lagos State and Nigeria as a whole.
This loan solution would offer MSMEs owners loans between ₦100,000 to ₦500,000 and will provide a range of benefits, including free financial advisory services, business analytics, and strategic alliances with other big companies.
Speaking at the unveiling of this solution in Lagos, Habeeb Fasuyi, chief executive officer of Option Financial Services said the creation of the loan product and other services by his firm was a direct response to the clarion call made by the Nigerian government to Nigerians in diaspora to come back home and help in the nation-building process.
According to him, one of the ways to support the government’s initiatives towards nation-building is by encouraging the private sector to engage in activities that would help stimulate economic growth.
Fasuyi said the loan is targeted at small business owners who may never be able to provide the collaterals required for accessing regular loans from traditional financial institutions.
Fasuyi who is a United States-based entrepreneur and financial expert, said the launch of the DLS is the company’s little way of giving back to the community and is inspired by the United States and other developed countries, where the private sectors, via different initiatives, play pivotal roles in growing and developing the economy.
He said as Lagos State is the economic powerhouse of Nigeria, accounting for over 30 percent of the country’s GDP, the company saw an opportunity to create a positive impact on the state’s economy by supporting petty business owners.
Speaking further on the unique features of the scheme, Fasuyi explained that DLS has flexible repayment terms, competitive interest rates, minimal paperwork, quick disbursement of funds, and a customer-centric approach.
“While our primary focus is on supporting petty business owners in Lagos State and beyond, we also cater to owners of medium-scale enterprises. Our loan products are designed to be flexible and adaptable to the diverse needs of businesses across various scales. We recognise that different businesses have different needs, and we are committed to providing tailored solutions that meet those needs,” he said.
On requirements for small businesses seeking for loans, the CEO said applicants must be: active business owners, have valid business registration, bank account, and verifiable income source.
He said applicants fall under the 20 and 65 years bracket; they must have a valid Identity card and utility bill, character and capacity to repay. He noted that the company on their part conduct a credit check and risk assessment to ensure any prospective loan applicants to ascertain they can repay the loan.
Earlier in his keynote presentation titled ‘Expanding Financial Inclusion through Daily Loans, Ben Akabueze, Former Commissioner for Economic Planning and Budget of Lagos State said daily loans encourage saving culture and financial discipline among small business owners.
He said the goal of financial inclusion is to reduce poverty and enhance resilience among Nigerians.
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