NOLT Finance, a disruptor in the social impact banking space, has secured operating license from the Central Bank of Nigeria to provide financial services in the Nigerian market.
The license enables the fintech start-up to provide investment and loan services to SMEs, corporate and individuals across the country.
Commenting on the accreditation by CBN, Babatunde Dada, CEO NOLT Finance, said it provided legibility and credibility for NOLT Finance as a brand. “The CBN license gives us the eligibility to do business in a way that gives everyone confidence. This also enables us to tap into multiple sources of funding. For example, CBN has a lot of schemes to make finance accessible to different segments of the economy. So we would also be benefiting from such provisions,” he said.
On NOLT Finance services, Dada explained that the company offers working capital loan, asset finance and salary earners loan. He said: “There are two arms to our business: the investment and the lending arm as stipulated by CBN regulations. Our lending to SMEs is from 100,000 to a maximum of N20m. On the personal side, it’s from 100,000 to N5m. Other loan options include Annuitant Loans (for retirees), Invoice Financing, Auto Financing and Securities Lending.
“On the investment side, we offer services starting from N100,000 to both retail and corporate customers. Our rates are quite competitive and above inflation. Typically, we can’t do anything exceeding 12 months.”
Dada said NOLT Finance services are technology-driven, adding that the company is equipped with the expertise and personnel to deliver prompt financial services which are now needed more than ever across the country.
“When I was on the investment side of finance, I noticed that people tended to need financing mostly. They approached me, but what I offered was investments. So we discovered there was a massive opportunity gap that was not adequately serviced. We also noticed the advancement of technology which makes the business better.
News continues after this ad
“So it’s a case of timing, technology and having the right partners onboard. We’ve got lawyers, tech experts and experienced accountants to provide the best service in this market.
“NOLT stands for ‘No Long Things’. For us at the beginning, we wanted a business that provides quick services. We are very speedy; everything we do is with a sense of urgency. We don’t keep our customers waiting.
“Our customer services, price point and speed, set us apart from competitors. We are out to turn your business around within 24 hours,” he explained.
On how to access NOLT Finance offerings, Dada said that customers can apply via the app, company website, or visit their offices.