The Chief Executive Officer of Arvo Finance, Mr Ayotunde Bally, has said the institution would soon come up with a credit product that would allow customers purchase goods and pay for it in instalments.
Bally told newsmen in Lagos that the company’s aim was to be a one-stop shop for all credit facilities.
He said the credit facilities ranged from cash advance to helping consumers purchase services and products as small as a mobile phone, right up to mortgages.
“We will soon come up with a credit product that will benefit micro lenders. The product is called “Buy on Credit”.
“Buy on credit” is a product where consumers make purchases of goods and services, we finance the purchase, and the customers pay Arvo back in agreed installments.
“Our plan here is to work directly with customers and not with platforms who partner with lenders to fund the purchase for the customers”, he said.
The CEO said the company already had a payroll lending product called FEDPAY, built in partnership with system specs, and which allows over three million people to access loans.
According to him, the loans are deducted from the people’s wages.
In addition, Bally said there was also “Fast Cash”, a product available for everyone.
He said the main target of “Fast Cash” were those who required urgent cash to address their everyday needs.
The chief executive said the product worked by using different in-house parameters to determine the borrower’s character and capacity before granting the loan.
Bally said that the problem Small and Medium size Enterprises (SMEs) had was the lack of knowledge of the credit facilities available to them and the right credit product for their needs.
He urged government to make micro lenders growth its major focus, promising that the institution would continue to create awareness and educate consumers on the benefits of facilities and products available.
He said as a responsible lender, Arvo tailors all loans to the specific needs of the SMEs.
“We take into account the state of the business and ensure that we do not over capitalize them whilst providing credit.
“We lend them just what they need to be able to scale. This model of responsible lending ensures more sustainable businesses, more employment, increased buying power, which all directly feed into a prosperous economy.
“This highlights the importance of lenders and the impact they make on the economy,” he said.
Besides, he advised government to channel funds toward industries and entities that aided the economic prosperity of the country.