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A huge percent of Nigeria’s adult population are financially excluded, lacks credit history, and cannot access financial services such as quick and easy loans. In a research conducted by the Enhancing Financial Innovation and Access (EFInA), only four percent of the adult population can access credit through formal financial institutions, a larger number have their loan requests rejected due to their inability to meet up with bank policies and requirements.

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Generally, most people do not go to banks when they need loans because collateral and steep loan interests are enough to discourage any individual who wants to take them for any reason. Another explanation for this effect is that taking loans from formal financial institutions takes time with a lot of red tape which makes the process exhausting and tiring. The solution to this problem is to build a fintech platform that makes it easy for people to access credit with low-interest rates and no collateral. This is the market where Quickcheck operates. QuickCheck was launched in 2017 by Fabiano Di Tomaso, Luis Rodrigues, and Bola Martins-Kuye to solve the difficulties of financial inclusion faced by Nigerians and to improve access for the average Nigerian adult to credit facilities without the need for collateral, guarantors, queues, red tape, and paperwork. Simply put, it is an automated online banking and micro-lending platform that provides loans without collateral. It uses machine learning algorithms to determine the amount of loan a customer can get by using thousands of data points from a customer’s device to determine their creditworthiness. Once this is determined, the fully-automated system can now give loans within seconds. At most, it assesses and approves loan requests in less than 24 hours. The company provides loans up to N30,000 with interest rates as low as 1% per day for a maximum of 30 days. Within 6 months of its existence, it gained ground quickly and has disbursed over 3,000 loans during that period which is an impressive achievement. By the end of August 2017, the company announced its revenues had exceeded $100,000. Since then, the company has received over 90,000 loan applications and granted loan applications to 11,000 of these requests.

The fintech launched a new app in 2019 as a part of its rebranding process to improve financial inclusion among Nigerians and also to educate borrowers about financial instruments as well as how to manage risks related to loans and over-indebtedness. The app’s fresh look comes with improved usability, functionality, and graphic interface such that it brings a brand new level of user experience. With the redesign, the app now features instant credit scoring which takes less than 5 seconds for a customer to find out whether the loan application has been approved or rejected as against the five minutes margin when they launched.

Once the credit offer is approved, the money is automatically transferred to the customer’s bank account in less than 5 minutes.  QuickCheck is being supported by the tech giant, Seedstar as one of its portfolio companies that employ over 30 people in Nigeria and process nearly 2500 transactions daily. Hundreds of people from Nigeria have benefited from the speed and hassle-free access to credit with no papers, no queues, no collateral, no guarantors, just a smartphone and QuickCheck app available on Google Play Store.

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How to apply: If you live in Nigeria, need quick cash to settle emergencies, and have an android device, all you have to do is:

Step 1:Download the QuickCheck loan app for free.

Step 2: Sign up to create an account.

Step 3: Apply for a loan instantly.

Step 4: QuickCheck will run credit scoring using its algorithm. No collateral is needed.

Step 5: If eligible, the cash loan will be disbursed to your account within minutes.

If you are not eligible, please wait for 2 weeks and apply again.

Since 2019, it has processed over4.5million Naira in microloans ranging between 5,000 and 200,000 Naira. As of its launching date till 2019, it was limited to Nigeria with aims to take its innovation international. It planned to expand into other emerging markets like Egypt and Ivory Coast over the next coming months, a feat that no information shows that has been accomplished yet showing that scaling may be a big challenge to them.

Also, it hasn’t been able to build its iOS version thereby excluding individuals using iOS devices from its services. AlthoughFinTech solutions like QuickCheck may have a huge potential to impact thousands of people in emerging markets, their inability to scale may lead them to be displaced by other loan applications. The app relaunch is a crucial milestone for the business because it makes it easy to expand their activities further in the country and region and provides more people with access to fast and reliable micro-credit.

Featured Image Source: QuickCheck NG
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This article was first published on 18th March 2022

eyimegwu-ekene

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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