Jun 7, 2017 · 3 min read

PayConnect: The Future of Lending in Africa

Growing up in Nigeria, I’d always observed people constantly struggling with financial issues. From being unemployed and underemployed to unavoidably overspending funds that don’t come in at a steady pace, the financial strain put on most Nigerians can get unbearable. Lack of money has been a major cause of frustration, anxiety, depression, troubled marriages and extreme discontent in people’s lives. The significance placed on money might differ from person to person but one thing we can agree on is whether you like it or not, everybody needs money.

Prior to the advent of PayConnect, while working in the banking sector, I came across a lot of people who needed loans for as low as N10, 000. These individuals were made to fill forms as bulky as “textbooks,” get signatures from employers, get guarantors, and repeatedly visit the banking halls to check on their statuses Even with all these processes people couldn’t be assured of getting the loans they sought. Most times even when the loans were finally given to them, the need had already lapsed.

As Founders of PayConnect we were determined to reduce the burdens brought on by loan collection in the country. PayConnect came into existence in May 2016 to help relieve the stress of salary earners, entrepreneurs, online shoppers and the unbanked seeking loans in Nigeria. It was created to ensure that the entire loan process is done effortlessly, without any collateral.

Nigeria today is experiencing a significant decline in economic activity, which has spread out across the economy. Now in a typical recession, you would expect the price of goods to reduce so as to cushion the economic blow, but this isn’t the case. To the average Nigerian, this means the bag of rice you got at N8, 000 last year, you’ll get for N17, 000 this year and probably N20, 000 around Christmas period because for some mysterious reason, prices get even higher during festive seasons.

A vast majority of Nigerians, salary earners and the self-employed alike will want to supplement the income they receive with urgent loans to take care of their personal needs and this is where PayConnect can help out. All you need to do is visit the website, follow the easily understandable instructions and you get the money you need within 24hrs. Obviously as it’s not a ploy to get you into more debt, the repayment plan is very flexible with affordable interest rates ranging from 0.25% — 1% daily.

PayConnect’s impact will be felt massively by the unbanked in Nigeria. These are the people without access to formal financial systems. Of every 10 Nigerian adults, chances are only about 3 have bank accounts. The question is, are the ones without bank accounts left with the sole option of getting much needed loans from potentially dangerous loan sharks? With PayConnect, loans are given to the unbanked through co-operative societies and issued prepaid cards. This promotes financial inclusion in the country.

Furthermore, for the salary earners seeking to augment their monthly income, with PayConnect there will be a reduction in workplace stress caused by shortage of funds before payday. Not to mention an overall positive impact in Ecommerce stores where online shoppers go to spend their money. Globally PayConnect will influence data collection for analysis on Nigeria’s spending habit and how financial institutions can tailor their products to the resulting findings.

With just 20million people in Nigeria out of a 180 million population with bank accounts, PayConnect has over 160 million to serve.

PayConnect will also be providing local community groups who operate manually with up to 1500 members with Technology to bring on-board more clients and be more efficient and effective in their transactions. This technology hitherto would have cost them $2500. All their members will be automatically become PayConnect clients and we can disburse loans to them directly through our software. This crowd-sourcing of users will enable PayConnect grow its user base to over 1m users by December 2017 and grow gross revenue to over $100,000 monthly in the same period.

Replicating this model in Africa will see PayConnect user base grow to 60million users within 36 months

I believe Africa has a right to the best platform for getting easy credit and loans. Africans deserve PayConnect to meet their needs and enable them build their dreams.


PayConnect is a seamless, online lending platform that avails short-term loans to Individuals without collateral to meet urgent cash needs.


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PayConnect is a Mobile Lending Marketplace solution that that matches Lenders and Credit worthy Borrowers.


PayConnect is a seamless, online lending platform that avails short-term loans to Individuals without collateral to meet urgent cash needs.

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