Mosunmola Fadahunsi is expanding financial inclusion in Nigeria through Lendvisery Services Ltd. She offers easy-access loans and flexible financing solutions to individuals and businesses often overlooked by traditional banks. Working with corporate and retail banks revealed this glaring gap to Mosunmola Fadahunsi, an executive with over eight years of experience in Nigeria’s financial sector. Dissatisfied with the average Nigerian’s struggle, she decided to fix it with Lendvisery.
Lendvisery Services Ltd, founded in 2019, is a fintech company dedicated to bridging the finance gap in Nigeria. The mission is to provide accessible financial solutions to those underserved by conventional banking. The fintech focuses on individuals and entrepreneurs often sidelined by traditional banks, offering personal loans tailored to meet various needs.
Lendvisery has a user-friendly mobile platform that simplifies the borrowing process, ensuring quick and efficient access to funds. It also offers flexible repayment options to serve its clients’ diverse financial situations and alleviate financial stress.
One standout offering is the “Rent Now, Pay Later” scheme, which enables salary workers to secure accommodation in Lagos within 24 hours with structured monthly payments. This initiative is currently addressing the pressing housing challenges many Lagosians face.
The startup applies risk-based pricing to determine the interest rate applicable to different classes of loans. Additionally, applicants must be in paid employment (for salary loans), and business owners must have a business account to qualify for a loan. Applicants must also be between 18 and 55 years old and have an active bank account. It is also mandatory for applicants to reside in Lagos; however, other locations are determined by eligibility.
Customers can equally choose to make part payments using the payment option available on their dashboard through Lendvisery’s portal.
Nigeria has a financial inclusion problem. Despite advancements and a population of over 200 million, some Nigerians remain outside the formal financial system. As of 2023, 64% of Nigerian adults have access to formal financial services, up from 56% in 2020. However, 26% of Nigerians remain financially excluded, translating to approximately 28.8 million adults. This highlights the ongoing challenges in achieving broader financial inclusion, particularly among women and rural communities.
