Sunday, September 28, 2025
Techgist Africa | Africa Leading Tech News, Reviews and Tips
  • News
    • World News
    • World Regional News
    • News – East Africa
    • News – West Africa
    • News – South Africa
    • News – Middle East And North Africa
  • The Big 5
  • Specials
  • Opportunities
  • Innovators
  • Events
  • Videos
  • Contact
No Result
View All Result
Techgist Africa | Africa Leading Tech News, Reviews and Tips
  • News
    • World News
    • World Regional News
    • News – East Africa
    • News – West Africa
    • News – South Africa
    • News – Middle East And North Africa
  • The Big 5
  • Specials
  • Opportunities
  • Innovators
  • Events
  • Videos
  • Contact
No Result
View All Result
Techgist Africa | Africa Leading Tech News, Reviews and Tips
No Result
View All Result
Home News Africa News

Nigeria-based Lidya to offer Nigerian SMEs Access to Loans within 48 Hours

Tech Gist Africa by Tech Gist Africa
08/16/2019
in Africa News, News
0 0
0
Lidya to offer SMEs instant loans

Photocredit: Lidya

0
SHARES
Share on FacebookShare on Twitter

Lidya, a credit facilitator startup that is based in Nigeria creates access to credit facility for SMEs in the country, within 48 hours.

Founded in 2016 by Ercin Eksin and Tunde Kehinde, the startup leverages technology and credit-scoring smart algorithms to ascertain applicants before a facility is rolled out. Lidya focuses on SMEs, to support them with funds that can help them scale their business.

It is glaring that fund is one of the important things needed to run a business and most times, access to funds is not easy to come by for MSMEs in Nigeria. Over time, MSMEs had to rely on banks to offer the loan facility. Unfortunately, these banks rarely give out loans to MSMEs, because they lack the necessary collateral required to access the facility.


See also: See Sparkle, Uzoma Dozie’s Latest Fintech Discovery


Lidya however, intends to bridge this gap with its algorithm process. The process scores each applicant, and Lydia leverages this score to provide a credit facility of about $150 to $50,000 to MSMEs. Lidya offers its loan to applicants without collateral, in a space of 48 hours and at an interest rate of 3.5%.

The company has since its inception disbursed over 2,000 business loans to MSMEs across the farming, hospitality, logistics, retail, real estate, technology, and health sectors. It has also raised $8.2 million in funding. The round was led by Omidya Network and will be used to scale its loan book across Nigeria and Africa.

 

More on TechGist Africa:

  • Bosch Calls for Smart Mobility Pitch Competition Submission
  • Seedstars Calls for DOEN Land Restoration Prize Submission
  • Huawei Technicians allegedly helped Ugandan & Zambian Government Spy on Political Opponents
  • Facebook to tackle Fake News via Local African Languages
  • Introducing Apple Card for Contactless Payments
ShareTweet
Plugin Install : Subscribe Push Notification need OneSignal plugin to be installed.
Tech Gist Africa

Tech Gist Africa

Tech Gist Africa is a new media and technology news platform that focuses on the untold stories of innovative ideas closely connected to technology news from Africa.

Related Posts

Rulebase
Funding

Rulebase Secures $2.1M Pre-Seed Funding to Revolutionize Fintech Back-Office Automation

by Tech Gist Africa
09/26/2025
0

Rulebase, a Y Combinator-backed fintech startup, has raised $2.1 million in pre-seed funding to automate back-office operations in financial services....

Read more
SunCulture Kenya

SunCulture, a Kenyan climate-tech startup has secured a $5 million funding

09/26/2025
AGF Visa Foundation

AGF and Visa Foundation Unveil $2M Fund for Women Entrepreneurs in Africa

09/26/2025
Justyol Morocco

Justyol, a Moroccan e-commerce startup has raised $1 million in funding

09/26/2025
Mavryk Network UAE

Mavryk Network Secures $10M to Revolutionize UAE Real Estate with Blockchain Tokenization

09/26/2025
Next Post
Seedstar to open Growth hub in Lagos

GrowthLab, Seedstars set to Launch another Seedspace Hub in Lagos

Kenya Revenue Authority set to tax Income-generating Apps in Kenya

Kenya Revenue Authority set to tax Income-generating Apps in Kenya

SOLA Group inks $26 Million Deal, Set to Construct Solar P.V. Facilities in South Africa

SOLA Group inks $26 Million Deal, Set to Construct Solar P.V. Facilities in South Africa

No Result
View All Result

The Big 5

Food Security

How Technology is Advancing Global Food Security and Reducing Hunger

by Tech Gist Africa
09/26/2025
0

...

Nvidia Abu Dhabi Robotics Lab

Nvidia and Abu Dhabi Institute Launch Middle East’s First AI & Robotics Lab

by Tech Gist Africa
09/26/2025
0

...

MultiChoice

Canal+ has officially completed its $3.17 billion acquisition of South Africa’s MultiChoice Group

by Tech Gist Africa
09/26/2025
0

...

216 Capital & Plug and Play Accelerator

216 Capital & Plug and Play Launch Tunisian Accelerator to Bridge Local Startups to Global Stage

by Tech Gist Africa
09/26/2025
0

...

Funding

Groundbreaking UK Tender Aims to Map East Africa’s Start-Up Financing Landscape

by Tech Gist Africa
09/26/2025
0

...

TGA

  • About us
  • Terms and Conditions
  • Privacy Policy
  • Contact

TGA

  • About us
  • Terms and Conditions
  • Privacy Policy
  • Contact

AFRICA

  • Made In Africa
  • People
    • Tech Leaders
    • Innovator of the Week
  • Start-Up Spotlight

NEWS

  • Africa News
  • World News

THE BIG 5

  • Big 5 Daily
  • Weekly News Roundup

SPECIALS

  • Guest Articles
  • How Tos
  • Op-Eds
  • Reviews
  • Tech Leaders
  • Tips

VIDEOS

  • Interviews
  • Tech Videos

TGA

  • About us
  • Terms and Conditions
  • Privacy Policy
  • Contact

AFRICA

  • Made In Africa
  • People
    • Tech Leaders
    • Innovator of the Week
  • Start-Up Spotlight

NEWS

  • Africa News
  • World News

THE BIG 5

  • Big 5 Daily
  • Weekly News Roundup

SPECIALS

  • Guest Articles
  • How Tos
  • Op-Eds
  • Reviews
  • Tech Leaders
  • Tips

VIDEOS

  • Interviews
  • Tech Videos

Copyright © 2020 Techgistafrica. All Rights Reserved

No Result
View All Result
  • News
    • World News
    • World Regional News
    • News – East Africa
    • News – West Africa
    • News – South Africa
    • News – Middle East And North Africa
  • The Big 5
  • Specials
  • Opportunities
  • Innovators
  • Events
  • Videos
  • Contact

Copyright © 2019 TECHGISTAFRICA. All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.