Nigerian startup that offers small loans, Paylater, today announced a partnership with payment tech giant Interswitch Group, to roll out nano loans in Nigeria. This will be delivered via the newly launched Interswitch Lending Services Platform.
Nano Loan is an innovative credit product that gives opportunities to customers to receive quick loans without any documentation.
“The Interswitch Lending Services Platform is a suite of data analytics and APIs designed to help accelerate the growth of retail lending to the underserved population on the Interswitch network in partnership with banks with whom Interswitch has established long serving relationships through reliable credit models,” Interswitch said.
In an announcement gotten by TechCity, Paylater said for the new Interswitch Lending Services Platform, Interswitch Group has partnered with five leading banks and three innovative loan providers, including Paylater.
“Our position as Nigeria’s largest microlender – with over 1,000 loans disbursed daily – allows us to offer fast loans to Interswitch’s network of over 20 million customers,” Paylater stated.
With this development, Paylater said its loans are now available via any of Interswitch’s mobile, USSD, Web and ATM channels.
It is worthy to note that the partnering banks are Unity Bank, UBA, Heritage Bank, FirstBank, and EcoBank. Ferratum and Kwik Cash are also involved in the partnership as licensed lenders while the banks will serve as consumer interface.