A digital technology company, Qucoon, has introduced an application that can disrupt the regular banking process by providing 100 per cent digital top-notch services at its peak.
Speaking at the launch of the solution called “Rubies”, Chief Executive Officer, Qucoon, Yinka Daramola, said the product was launched to complement services provided by commercial banks and also to create wealth.
“We are creating values; we are not competing with anybody. We are complimenting what banks are doing and we want to create wealth. “So, we are particularly interested in how the customers’ bank with us and at the same time makes money and how can we creatively drive Central Bank’s financial inclusion project and those are the kind of questions that Rubies answers.
“We have a loan market and on the loan market, if you have excess cash, rather than earn some small interest on your loose cash, you can bring it to Rubies and make it available for whoever needs some money to borrow.
“So what we have done is to provide a platform where we provide all the details to you. Say you put N20, 000 to loan out; people, who need a loan can come on the platform and say to you, I want a loan. It might be N5, 000, N10, 000, or more. We provide the details and good information of those customers.
“What we encourage people to do is to come to Rubies and build their credit score so it becomes easy for others to give their money to them. On the platform we help people make money and we are making it easy for people to access loan in a way that is a lot easier than how it is today.
YOU MAY ALSO READ:Anxiety as Fintechs Prepare to Shake up Banking Sector
“The loan market is new. If you go traditionally, if you need a loan, you go to the banks. The banks are the only supplier but here we are making it possible for individuals that have loose cash to also be suppliers of loans.
“We have independent banker consult which is completely new. As an independent banker, what you will do is to acquire customers bring them on a platform and you are responsible for making sure that they are using the app and they are banking with Rubies because the more they bank, the more money you make.”
“You earn 20 per cent of the income. Imagine you have 20 per cent of the income any bank is making on their customers coming into your pocket. There is a whole lot of concept we are bringing that are completely new to make banking easy, to take future banking to the present and to drive CBN’s financial inclusion project and to create values for people”, he said.