We’re thrilled to have recently crossed our millionth download! 💃 🚀
Starting from scratch just over two years ago in what was a previously untouched sector, it’s so exciting to see that our service has and continues to create rewarding and more personalized financial journeys for so many.
How did this happen?
Pre-Paylater, only commercial banks — with physical branches nationwide and extremely large capital bases — had the reach, stability and customer trust to offer financial services to a varied population. Unfortunately, these same institutions turn record annual profits primarily by just storing your money, and reserving actual ‘banking’ services (loans, wealth-building investments, insurance — to name a few) only for large corporate entities and high-net worth individuals. It’s an industry ripe for improvement.
Technology has leveled the playing field. It is now widely-accepted that fintech platforms like Paylater have (slowly) started to lead this shift.
The evidence is in the numbers. The Paylater app has since been used in all 36 Nigerian states (and the FCT), with over 800,000 registered users, ₦6bn disbursed in short-term loans so far in 2018, and with very strong early user adoption of our bill payments and investments features, it is clear that digital financial services are here to stay!
Today, you’ll sound significantly less crazy to say things like I just got a loan from my phone in less than 5 minutes. The response might even be dismissive (“..and so what? I also got mine yesterday!”). Access to credit is a fundamental human need and the foundation on which most modern economies are built.
We set out looking to build a service that makes financial services as accessible, painless and second-nature as, perhaps, brushing your teeth in the morning. 😀
The landscape has changed dramatically since our launch in 2016, with digital banking apps, loan services and financial management platforms now becoming mainstream — and we’re honoured to have played some small part in that.
But there’s still a lot of work to be done. The vast majority of Nigerians (and Africans, by extension) are un(der)banked and still do not have access to basic financial services. The average individual’s perception of adequate financial services remains tied to the very limited offerings of traditional banks. The status quo will not drive financial inclusion. This is what we’re focused on changing as we chart our path forward.
On a final note, (and most importantly) we’d like to thank our fantastic customers, who have placed an extraordinary amount of trust in us and our ability to meet their needs, every step of the way. We’ve asked you to expect more value from your financial partners and, in return, you’ve pushed us to always get better.
We’ll see you at 5 million. 😉
The Paylater app is available for download on the Google Play Store.
