Are you asking how to start a lending business in Nigeria? Well, you are at the right place, because this is what we will talk about today.
Nigeria or as many like to call it Naija, is a country on the West coast of Africa with a vast population.
Everyone needs money it doesn’t matter how much we have it’s never enough, this is where loans come in and the idea of money lending business.
Lending business of course is risky but we will talk about management software that will help you.
Besides risks come big rewards.
It’s a process of giving another person, group, or organization money to get it back with interest.
Very profitable considering the money you lend out isn’t the same amount you get back during payment.
With options like interest rates and penalties, the money you give out is guaranteed to grow as days go by.
Before we get to requirements, let’s know some players in the market.
The above are some of the competitive money lenders, of course, many others are available and provide different loan amounts.
The three processes to get your license:
Well, now that you have an idea, consider also having a lawyer to back you up on legal matters, advise you and your clients.
It’s also important to know more people that can always help you when you run into troubles or difficulties.
Well, we know how but not when to start. So when should you start a lending business in Nigeria?
The time is now! This is why?
Have you heard of credit management software? Yes, there is a software to help you manage your business of lending by keeping records on all the transactions made.
Introducing Jisort, a web-based credit management software that automates transactions for Microfinance Institutions, SACCOs, Banks, Cooperatives, Credit Unions, Lending Organizations, and other MFIs.
Simply Jisort is here to manage all transactions by keeping track of loans and keeping records of all transactions done.
Jisort has been operational for the last 6 years and has served both Local and International Clients. Besides their Core Banking System are fully integrated with:
They also offer alternative real-time integrated banking channel that allows Financial Institutions to offer banking services with minimum cost.
The Jisort System Dashboard
This simple screenshot shows all your members, completed loans, active loans, and pending loans, also the list of clients.
This system will help you manage many clients without worrying about remembering who borrowed and how much do they owe you.
Well, what next?
Sign up now for Jisort here.
Remember that money is never enough and investments” Investing should be more like watching paint dry or watching grass grow”, it’s up to you to choose the best criteria for you.
Also, remember money doesn’t grow on grass so as you choose to start the lending business to make enough research.