Hoping someone can really crack this opportunity in Nigeria. Seems like Paylater (blog post) and Social Lender (admitted into Techstars) are performing okay, someone could leverage on what they’ve done using social validation and create a proper P2P lending platform.
On a side note. Paga has 5million users! wonder why products such as these Saida, Branch that leverage on M-pesa data to grant loans haven’t launched in Nigeria.
I was thinking the same thing! I know of a few hands that are already working on this. Hopefully Nigerians(not corporates but individuals) are willing to put their money where their mouths are in terms of being lenders
I had a similiar idea after seeing http://faircent.com/ an indian startup i believe. The major challenge i saw then was if Nigerians are willing to lend their money to almost total strangers. If that can be solved then i think its gonna be a hit. Its easier to borrow than to lend with P2P. Although i still have plans for it 
Come to think of it. MMM, can be said to be the ponzi version of p2p lending, as it involves its users sending money to total strangers… and despite the public desist warning by the FG, the ponzi still seems to hold, even learned people captive… As evident in the comments on this Ventures Africa article
Would it be far fetched, implying this to be some sort of p2p validation??
I like puddle. Natural evolution of piggybank if they were willing to focus on one product 
The ‘success’ of MMM proves that P2P can work if it is enticing enough. The problem is that for a lot of people, there isn’t a realistic enough proposition to give money to strangers…yet! This could be in the future roadmap of Paylater.
loool @iaboyeji … there are plans for that. Right now piggybank.ng is focusing on being the best at helping people save conveniently, and lending/loans will definitely be a natural evolution for the product.
BTW focus is relative, don’t forget. If we compare real numbers and traction to puddle’s, then there’ll be a stronger point here … 
MMM is a pure Scam, its crashed in Russia and other countries, any minute now we go hear stories that touch.
good we are all thinking about this. lets make it happen. interested persons can reach out. developing one. open to co-founders
Ok Wale im interested. hit me up eksammy@gmail.com
Branch’s CEO was in Nigeria for the first time last week.
Wouldn’t be surprising to see them in Nigeria sooner than later.
heard of MMM?
Please someone should lend me $30 via Payza pfame2strong@gmail.com, I need to boast my online biz… I have checked for p2p loan and found none for Nigerians. Please o
+2349091955009 that’s my mobile number
Hi @gabe @somtoifezue @iaboyeji @jason_s @Akor @ghowkay @CD_One @eksammy @wales @eajene ,
My name is Chiwete John-Njokanma and I’m the CEO of FINT, a Peer to Peer lending platform set to be released in beta next month. We believe we have cracked in legitimate ways the empowerment p2p lending can offer to this market and its consumers. I am open to questions and comments. Thanks
You can check out Loan Pair. Great features on that platform such as automated payback, peer discovery, user identity validation not to mention that you can lend from a group of trusted lenders.
Nice idea but how will you secure people’s funds, will the borrower’s need to drop collaterals ?
Hi @lawwyy,
There’s a forum on radar called “Fint- Peer to Peer Lending, potential user interview”. Kindly follow the discussion on there.
The loans are unsecured(they do not require collateral) because a majority of our market have the capital to pay but no assets to back their borrowing on. For that reason, we have created credit enhancements to appeal to the investor. They are, a credit algorithm that does a deep analysis of each borrower to determine if they qualify for a loan, insurance(every loan is backed by an insurance company), two level-verification system of the borrower (data supplied from a national credit bureau and a physical kyc company) and a loan recovery team(that would process defaults if they occur). The idea behind your investment is that you spread your money across borrowers or loans; that way you are assured of net positive returns.
I hope this helps.
That’s the most important thing you’ve said so far that would appeal to any experienced investor.
Great topic @Chiwete, this is an area i am keenly interested in.
Now what is the make up of your team? And with the paucity of data in Nigeria, what credit algorithim are you going to analyze exactly? Is it their facebook or do you think the banks (your competitors) will allow you access to analyse customer’s account with them?
Now which insurance company in Nigeria is offering ‘credit insurance’ cos i tried this before and all they offer is credit life (insure life of borrower) and not default. I think it will be good to have a button (just like you do when booking aero or arik) to choose whether you want the loan insured or not. Discerning lenders will then have to choose between ‘insured’ and ‘naked’ credit. Risk appetite differs you know.
Is physical kyc company part of your team or is there a business like that already…cos i’d like to set up one in the South.
