Save for More, Borrow for Less: Paylater to launch Savings & Loan Product
Coming this June, Paylater will launch a first-of-its-kind digital savings & loan product which will offer our customers the opportunity to save for targeted goals and earn high interest rates whilst unlocking smaller loans at lower rates.
The launch of the Paylater mobile app ignited the consumer finance revolution in Nigeria with the use of Machine Learning to score customers in real time. OneFi is now the leading digital bank in West Africa offering its underbanked and unbanked customers in Nigeria and Ghana access to loans and payment services.
Over 5,000 loan applications are processed daily using a proprietary scoring algorithm and behavioural metrics. Funds are disbursed 24–7 within 5 minutes of approval and with no human intervention.
To date, we’ve helped with varying financial needs and, despite a common misconception that Paylater loans are only used for consumption and small emergencies, a recent spate of tweets are proof that many of our customers use our loans to finance their small businesses and employ labour.
Now we’re poised to offer additional value by providing a means to save, and potentially prevent the need for a future loan.
From next month, Paylater customers can also save for their various needs like healthcare, education, travel, and working capital for their business.
Initially, savings will be for a minimum of three months and interest earned will be competitive, relative to existing market rates. In addition, savers will still have access to loans, but at a discounted rate of as low as 2% a month.
This first-of-a-kind product has the dual benefit of helping Paylater customers save for their financial goals by safely locking up funds and simultaneously building their credit history.
We’re committed to serving the financial needs of the next billion and savings marks our next step to a broader range of financial products, including health & accident insurance and wealth management, with a particular focus on underserved individuals.
The Paylater app is available on the Google Play Store — try it out here.