Nigerian fintech Sycamore.ng unveils peer-to-peer lending platform to enhance access to finance

To address the challenge of access to finance and capital stimulus for small and medium-sized businesses, Sycamore.ng  unveiled a product that will provide secured loans to individuals, micro, small and medium scale enterprises (MSME’s), among others.

The promoters said the product; Peer-to-Peer Lending Platform is formulated to bring about financial freedom to its customers by connecting individuals or businesses looking for a good opportunity to diversify their income with responsible borrowers.

On how it works, Chief Executive Officer, Sycamore, Mr. Tunde Akin-Moses, explained that a subscriber to the platform will have an opportunity of a compelling combination of liquidity, low volatility and attractive returns.

He said: “It’s not a secret that access to finance is one of the main issues affecting the rapid growth of businesses in Africa. Our mission is for individuals to achieve more through organised lending and borrowing.”

Contributing, the Chief Marketing Officer, Miss Onyinye Chukwuka Okonji, said “Sycamore growth so far has been based on great customer experiences and the effectiveness of Word of Mouth Marketing as improved marketing efforts are being made to attract new lenders and credible borrowers.”

The Chief Operations Officer, Mr Mayowa Adeosun, stated that “a marketplace exists with the Sycamore P2P lending with investments designed for individuals seeking long-term capital preservation and growth. This fund offers competitive returns compared to average online lenders.”

The company’s Board Chairman, Mr. Bade Aluko, also attested to the importance of Sycamore’s vision, by emphasizing Sycamore’s use of robust alternative data to make accurate financial decisions, which yields the most value for both lenders and borrowers.

 

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