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As to the reasons lowest-income Nigerians prefer pay-day loan providers more than banks

Within the pa-Aka been aware of a credit platform entitled Paylater, and that does not require one papers. Despite his very first skepticism, the fresh next 27-year-dated cook and business owner applied for a loan regarding ten,000 Naira ($27) – the tiniest mortgage he might make an application for. Within ten minutes, the borrowed funds is actually paid and you may paid in order to his savings account. Ever since, he’s got paid back half dozen most other loans so you’re able to Paylater which will be already undergoing paying off his seventh loan of 100,100000 Naira ($270).

Apampa-Aka used the borrowed funds money to open a restaurant titled Sir Henry’s Barbeque in the Lagos, that has private and you will industrial providing characteristics.