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Launched in 2015, FINT began life as a facilitator of peer-to-peer lending space, where people could earn by providing loans to other individuals in need of financial support. The platform vetted these borrowers to reduce the likelihood of default and increase the chances of lenders getting their money back, along with interest. In effect, it was a vehicle that provided loans and helped investors reap returns through lending. FINT has also embraced the idea of financing businesses. It now sources funds from private and institutional lenders and places them in the hands of companies that use them in productive, profit-yielding activities, or other operations on which returns can be accrued. It’s running with the mission to “bridge the credit gap in Africa” –a gap that’s limited the ability of many businesses on the continent to scale.
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FINT attracts lenders with a promise of between 25% and 39% Return On Investment (ROI) per annum—more than what’s offered by many digital wealth management platforms in the country. These lenders are also free to set their investment cycles to run for months instead of a full year. The funds raised from lenders are given to concerns in sectors such as agriculture, agency banking, power, and automobile sectors, as well as asset-backed investments, premium financing, and sustainable projects. There’s a portfolio estimator on the FINT website, which lenders can use to calculate potential returns on their investment for up to three years. People who use FINT can also earn a 2% commission for life if they refer a new lender to the platform. Investors’ funds are kept safe thanks to a partnership between FINT and Old Mutual Insurance. FINT takes pride in the impact it’s having on Nigeria’s socio-economic landscape. It gives people a chance to expand their wealth, while also providing financial assistance to business owners and company employees. It’s multiplying win-win situations, and plotting the path to a brighter future for everyone involved. Featured Image Source: Stears Business
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