Microlending and consumer finance company, Zedvance Limited, has unveiled plans to grow its customer base to over one million in the next five years as well as focus more on small businesses.
Speaking at a News conference to mark its fifth anniversary in Lagos, on Tuesday, the Group Managing Director, Zedcrest Capital Limited, and Founder/CEO, Zedvance Limited, Adedayo Amzat, said the company will continue to take industry lead by providing consumer credit to its target market in a most efficient and convenient way.
Besides, Amzat also explained that Zedvance would grow its market through the Small and Medium Enterprises (SMEs) space, by creating products that would cater to their needs. “Our next phase of growth is to target small businesses. For us to improve the financial health of the country, we have to create products for that space. There were lots of challenges to service that space before now, like identity verification and the issue of loan default. But there are key initiatives both from the market and the regulator that would improve on that, and that is what we are focusing on it; and before the end of the year, Zedvance will be driven by small businesses.
“We are proud to be a leading industry player in the consumer-finance subsector, ranking easily among the top three providers of credit across most metrics. If you ask me what makes us different from the pack, I’ll say it’s the fact that we are a customer-centric brand. We listen to our customers and carry them along across every process of our product development and services.
“About a decade ago, we could not point to one bank in Nigeria that was very active in providing credit to everyone, the discussion then was that banks prefer to give credit to only the corporate, and it is very important that a separate class of people would come out and break that space.“The risk there was overemphasized and we believe that an average Nigeria is trustworthy and creditworthy, so we came when there was a lot of system breakdown.
We are just starting the credit bureau system properly, there was no identity regulation mechanism, but we were brave enough and we trusted Nigerians and we started giving them credit. And in collaboration with our other collaborators and other competitors, we were able to advance credit to everyone to a point where the banks now see it as a viable space.”