With three products to be launched soon, Transsnet Financial Group, owners of Palm Credit, Palm Pay and Palm Save is positioned to deepen the Central Bank of Nigeria [CBN]’s strategy with the view to ensuring that at least 80 per cent of Nigerian adults gain access to financial inclusion and other financial services.
The company believes one of the tools for economic development, concerning poverty reduction, employment generation and wealth creation, is having easy access to quick loan, which is what Palm Credit offers.
Speaking in an exclusive interview, Marketing Manager of Transsnet Financial Group, Oladipupo Ogunseye unveiled the company’s plan to drive the growth of financial inclusion through its products – Palm Credit and Palm Save – to reach the underserved and under banked Nigerians and help them to save, borrow and transact business.
He said that Transsnet’s vision is to make finance easy and accessible across Africa with Palmcredit, Palmpay and Palmsave.
Ogunseye mentioned that the company will attract millions of Nigerians into the formal financial space through its long term goal and increase the number of bank customers who are merely 30 million according to report by Nigeria Inter Bank Settlement System [NIBSS]’s Bank Verification Number [BVN].
“The 30 million bank customers seem like a large number but if you compare that number to Nigeria’s population of almost 200 million, 30 million is still small. Therefore, we are positioning our products to give financial services to Nigerians.”
He explained that most of their products right now are in developmental stage. “On Palm Credit, Nigerians can access micro loans for basic things they need to do. Nigerians can apply and get a quick loan of N5000 and above without any collateral.
“What they need to need do is to download Palm Credit app. Apply for the loan. Then they will get it. All the necessary information they need to provide to be registered on the app is basic information.”
He further explained that Palmpay is another product the company will launch soon as it will help Nigerians to pay for any service or product while Palmsave is a saving platform, which allows customers to save money.
“Most Nigerians lack access to micro loan. Nigerians want to do a lot. What we are doing is to provide platforms for Nigerians in this category. We want to go into the nooks and crannies of the country and provide these services.”
On the lending platform, Ogunseye outlined that Palmcredit has a loan rate that is standard with a defaulting tenure of 14 straight days. He explained that customers’ debt increases based on the interest rate at the time of defaulting.