How a Symple 50,000 NGN (£100) loan inspired a big idea
Access creates opportunity. With a small assist from a relative in the U.K., Vincent was able to secure a 50,000 NGN (£100) loan in Nigeria. The small loan would inspire a big vision that could create significant economic opportunities for Nigerians in the tech space.
Vincent is 28 years old and runs an e-commerce business in Nigeria. As an Amazon Associate, he runs a global digital marketing website that currently gets about 10,000 visitors per month across 50 countries around the world. All from his house in Lagos. He makes good income from the business, but he gets paid by Amazon every 60 days which can generate cash flow gaps.
As with most business owners, he needs money from time to time to help him get through the month until his next payment from Amazon. But because Vincent is not formally employed, does not have a traditional brick and mortar business, and does not have a credit history, it is hard for him to get a loan from a bank. This lack of access to credit can make it hard to sustain and grow his e-commerce business.
After learning about a diaspora-backed loan offered by one of SympliFi’s bank partners, Vincent contacted a family member in London who was willing to guarantee the loan. Vincent applied for the loan and it was instantly approved. Vincent became one of the first people in the world to use someone thousands of miles away in another country as a guarantor on a microfinance loan.
More importantly, Vincent was able to repay his loan and has started building a positive credit history with his lender. With a small assist from a family member abroad, he was able to solve one of the biggest challenges of his business, as well as open the door for new growth opportunities.
Inspired by the idea, Vincent started thinking about how he can help others Nigerians build their own ecommerce business.
“A lot of people don’t realize the power of technology and the potential of the digital economy. Anyone with access to the internet can start their own global business. That is powerful. Especially considering there’s not a lot of employment opportunities for youth in Nigeria. So my plan is to start an online training program that teaches Nigerians how to build their own ecommerce business, as I have done. My goal is to help develop a large ecosystem of technology entrepreneurs across Africa, and to partner with banks that can help finance the growth of those businesses. As their business grows, they will be able to hire people and create new tech jobs. I believe it can be transformational”, Vincent explained.
We started SympliFi to help people like Vincent transform their lives and unlock new opportunities, with a symple assist from their friends and family in the diaspora. We look forward to following Vincent on his journey!
Apply now @ https://app.symplifi.co.uk/en/request/