Two entrepreneurs, Tunde Kehinde and Ercin Eksin are set to unveil Nigeria’s first online lender, Lidya in New York today.
Lidya is marketed as a digital bank that will have no branches and will be based in Lagos. It’ll offer small and medium sized businesses unsecured loans of between $500 and $15,000. Though it’ll initially focus on Nigerian customers, Lidya will still target cities across Africa, according to Tunde Kehinde.
Tunde Kehinde lauches Lidya
“There are no real products catered to these customers today. What we’re trying to do is introduce a lot of technology, algorithms and machine learning to industrialize the credit assessment process.” He said. Mr Tunde Kehinde will today announce the formation of Lidya at a financial technology conference in New York.
Kehinde, a Harvard Business School graduate is also a former managing director of Jumia. He also currently runs Africa Courier Express, a logistics company along with Ercin Eksin, his partner and co-founder of Lidya. Kehinde and Eksin are majority owners but they are also looking to bring in other shareholders and raise over $1million in the next couple of months from investors primarily in the US according to Eksin.
Lidya will launch next month and also plans to partner with Nigerian banks to allow them use it as a platform to target small businesses.