Interswitch has just pivot to micro lending

1

Things are getting more interesting. Interswitch is trying hard to enter the credit business.

The company has just partnered Ferratum (a Finnish bank) to launch a micro-loan business.

So Interswitch will provide the data of its customers for the service for Ferratum to lend them as small as NGN1,000 to NGN10,000 on its platforms.

Am a bit curious why Interswitch did not partner a local fintech instead of a company in faraway Finland. But the idea is a masterstroke because of millions of customers it can easily sell credit for recharge, payTV, bills and many use cases.

As to what it portends to the likes of Paylater, Social Lender, FINT and the rest, I think it is good for the market and the game has just begun.

2

Hmmmmm …this is gonna be interesting :grinning:

3

I don’t think this is what a pivot means.

4 Likes
4

https://www.inc.com/alan-spoon/what-pivot-really-means.html

“Pivoting” is When your first business model isn’t working!

and i believe Interswitch is alive and well

5

Google Interswitch Lending Service to get a better picture of the program. PageOne literally lifted Ferratum’s press release and turned it into an article.

6

lmao e say na “pivot” lmaooo

7

Every now n then on my way to work or some other place i get a flyer about a loan startup. m like whats up?. Loan startups every!

8

Yeah…that’s what they all do man

Copy themselves here and there. By the way, its naija

9

Here…

Haven’t you noticed that there’s really no ‘differentiated excellence’ in the Nigerian startup ecosystem, especially in fintech? It’s the same guys doing the same or different things over and over again with the same group of investors and ‘twitted’ by the same media. It is being called ‘partnerships.’

We will have a balanced ecosystem with a new wave of investors backing a different set of entrepreneurs doing different things. And that’s when we’ll get to progress faster. Until then, let’s just say we have a one-party system.

1 Like
10

True, very true

Everything’s seeming too cliche this days…some might ask if I’ve done anything new o and obviously I haven’t but are we not getting bored already?

They all talk about how the market needs to be saturated to fulfill these needs perfectly…true. But I just feel we should all be different in some way not the copy and paste startups

First of all it was or still is d UBER TREND then the payment solutions and then came the hospitality aspect and some online stores(which most of them you haven’t really heard of) and the best part is if the original ideas fail, the copy is bound to too.

11

Op just had to use a buzz word even if it wasn’t making sense. :scream_cat: Besides, this is old news to me, I’m just jejely waiting to see how it plays out.