Branch plans to disburse N4 billion loan to customers in 2018

Branch International, one of the fastest growing digital financial platforms, celebrated its first year in the Nigerian financial-technology industry. Despite the proliferation of Fintech industries in Nigeria, Branch has successfully distinguished itself as a provider of world-class financial services.

Through their innovative approach to lending, Branch has provided world-class financial services to the underserved, and unlocked financial access to customers around the country.  The company provides fast, fair and flexible loans without late fees, hidden charges, rollover fees or restrictions on money expenditures.

At the stakeholders meeting held on the 14th of June, 2018, the CEO Matthew Flannery said, “I couldn’t be more thrilled to be working in Nigeria with Branch. The startup community is incredibly dynamic, and the country is poised for a FinTech explosion. The early response from our customers shows that there is a massive need for a product like Branch. We hope to play a significant role in increasing access to modern financial services in Nigeria over the next decade.”

Branch offers a unique proposition to the average Nigerian, providing users with access to instant loans on their mobile devices. Android smartphone users can receive loans between N3,000 to N150,000 requiring no face-to-face meetings, lengthy application processes, collateral or paperwork. As Branch customers repay their loan, they unlock access to larger loan amounts and more flexible terms.  More than 75 percent of customers use Branch loans to help start or grow their businesses or meet financial obligations. Notwithstanding, Branch has no restrictions on the usage of the loans; customers are given the independence to make their own financial decisions.

Unlike traditional financial institutions, Branch provides customers with the opportunity to build their credit regardless of their banking history by assessing their loan eligibility based on the data procured from a customer’s smartphone. With the customers’ consent, Branch’s algorithm processes thousands of data points to create customized loan options. All of this data is protected using world-class security and encryption techniques to ensure the safety of private information belonging to customers.

In Nigeria, Branch has disbursed over N1 billion and over 100,000 loans. The company’s growth continues to accelerate; in the first quarter of 2018, Branch grew 50 percent month on month in Nigeria.

“The growth that we have seen indicates that our product is providing a valuable service and solving a meaningful need for Nigerians around the country,” says Country Manager Maria Rotilu. “The rapid user adoption is a clear sign of a strong need for fast, accessible world-class financial services.”

This year, Branch plans to disburse more than N4 billion and generate over half a million loans. They are also investing in their Lagos office and plan to double the number of employees.

Founded by pioneers of microlending and leaders in finance and technology, Branch has established offices in San Francisco, Lagos, Nairobi, and Mumbai with plans to expand its financial services to additional countries. Currently the top finance app in Africa with over a million subscribers globally, the company plans to diversify into savings and payment activities which will be included in the financial platform.

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