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Lidya is a  Nigeria-based loan startup that provides small businesses with easy access to credit. Founded in 2016 by Co-Ceo Tunde Kehinde and Co-CEO Ercin Eksin. Its goal is to help business owners access loans and build a credit score through a simple lending process. At this point, one may be tempted to ask what makes Lidya different since credit platforms are dime a dozen in Nigeria. The answer to this is that Lidya gives loans to businesses with no credit history.

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To a novice, this may seem rather difficult and risky. Since credit history gives lenders information on how much a business owes, how they service loans and how long it takes to service their loans. This information helps the lender to determine if the business is creditworthy. And if so? how much should they be given?

Lidya uses a credit algorithm to enable small businesses to build a credit score and access finances to expand their business. Then it accesses the musing over 100 data points to evaluate credit risk. And thus, most of their loans have gone to micro, small and medium-sized enterprises (MSMEs) in farming, hospitality, logistics, retail and real estate.

What is Lidy as service offerings?

Lidya offers its client’s a free online account and the Lidya application to aid their loan application process. Through both portals, MSMEs can share their bank account and transaction information with Lidya. And then apply for a loan, which ranges from $500 to $50,000 decided upon in 48 hours. Their Other services include:

Finance working capital for businesses: Lidya loans allow business owners to expand their business and generate more income. However, this depends on the cash flow in the business bank account. What’s more, businesses don’t need collateral to access loans.

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Raise a business’s cash flow: With Lidya, business owners don’t need to wait for their invoices to get paid to pay their expenses or grow their business. Rather, Lidya provides the option of turning every invoice into an opportunity to make more money.

Handle finances digitally: Lidya notifies business owners via e-mail about the state of their loan process. On the other hand, it tracks business invoices and reminds customers about payments.

A Fast, easy and secure platform: Lidya’s online platform helps manage business invoices, loans and customer lists. It is safe and secure and protects data from any security breaches.

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In addition, it helps businesses in their expansion opportunities, purchasing inventory, upgrading equipment, Hiring great talent, operating expenses, investing in social media, Managing cash flow and improving the workplace.

How to access finance through Lidya

Create an account and complete your profile in  5 minutes

Select loan type and choose the most relevant option to  apply for a loan

Get a Loan through Lidya  within 24 hours

In conclusion, Lidya is the future of finance for small businesses in frontier markets. Since they use mobile-first technology, fantastic customer experience, and proprietary credit scoring algorithms to help African businesses and individuals.

To sign up, open an account through the website or app in minutes. Ultimately, this gives you access to manage receivables and cash flow, access credit needed to grow your businesses, and build credit scores Lidya is Available in the USA, Uk, Nigeria, Poland, Portugal etc.

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This article was first published on 12th June 2022


I am an accomplished content creator and recently delved into technical writing. I enjoy using my skills to contribute to the exciting technological advances and create awareness of evolving technological trends in Nigeria.

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