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Gold Exchange Limited, a firm offering pawn brokering services, has set up base in Lagos. The firm aims to provide short-term loans to Nigerians who can’t access them through more traditional channels as banks.

Pawnbrokers make loans available to people who want them in exchange for an item of value. They are a familiar part of the finance landscape in many parts of the world but are not well known in Nigeria. Individuals and families in the country struggling to cope with financial difficulties brought on by the current economic troubles could benefit from the services rendered by pawn brokering firms.

Gold Exchange’s Managing Director, Victor Okezie, said at the firm’s launching that its status as a registered company made it a safe alternative to roadside pawn shops.

“Rather than transacting business with roadside pawnbrokers where the possibility of being cheated is high, it is better to walk into our offices where we give them professional advice and deal with them with utmost honesty”, he said.

Explaining the company’s mode of operation, Okezie said that customers who brought valuables such as gold, silver or platinum to the pawnbroker would be given a loan based on a percentage of its value. Items of value would be retained by the pawnbroker until loans are repaid.

Mr. Okezie encouraged people who had such valuables and were in need of money to visit the firm in order to obtain a loan. He said it was better to pawn them, rather than have them while still being in want of money.

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This article was first published on 27th October 2016

ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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