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Economic growth is the cornerstone of prosperity and opportunity for a nation. When the economy thrives, employment opportunities flourish, leading to the emergence of economically empowered citizens. This, in turn, drives demand for better governance, as robust economic growth fosters human development, which further propels economic growth.
To grow the economy, the Central Bank of Nigeria (CBN) mandated traditional banks to allocate <a href="https://www.vanguardngr.com/2019/07/cbn-mandates-banks-to-lend-60-of-deposits/" target="_blank" rel="noopener noreferrer nofollow">65% of deposits</a> as loans to expand the economy. However, despite penalties for non-compliance, banks still face significant hurdles in meeting this target, primarily due to various lending bottlenecks that make it difficult for individuals and business owners to access loans.
This has led to the emergence of financial institutions like SeedFi, a data-first digital lending company dedicated to stimulating economic activity and fostering financial inclusion. SeedFi provides short-term and long-term basic loans to both SMEs and individuals, catalyzing Nigeria’s economic growth.
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According to SeedFi’s co-founder and CEO, Pelumi Alli, they aim to bridge the financing gap for individuals and business owners by offering straightforward application processes and rapid approval times, making capital more accessible to entrepreneurs.
SeedFi’s flexible repayment terms, further enhance its appeal to individuals and SMEs, allowing them to manage their cash flow effectively and tailor repayment plans to align with their business cycles, fostering stability and growth.
“With capital infusion, SMEs can strategically expand their operations, explore new markets, and invest in technology,” Alli said. “This not only benefits them but also contributes to overall economic expansion.”
<a href="https://businessday.ng/companies/article/seedfi-moves-to-expand-msmes-credit-access/" target="_blank" rel="noopener noreferrer nofollow">Samaila Dogara</a>, co-founder and CCO of SeedFi emphasized the importance of providing financial support to individuals.
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 “Our short-term loans are designed to provide quick access to funds for relief during financial emergencies,” he explained. “We ensure a swift and hassle-free application process, allowing individuals to access funds when they need them most.”<cite>Samaila Dogara</cite>
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Samaila further highlighted the role of short-term loans in building financial resilience. “These loans act as a financial safety net, helping individuals manage unexpected costs without long-term financial burdens. By providing individuals with the means to address immediate financial challenges, we contribute to overall economic stability allowing individuals and businesses to weather financial shocks more effectively.”
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Narrating his experience, Awe, from Pentrust Business Solutions Ltd, said ‘’I recently reached out to SeedFi for business financial support, and they were amazing! They provided me with clear and helpful advice, and their customer service was top-notch. From start to disbursement, it was a seamless experience. I highly recommend them!’’
SeedFi stands as a beacon of hope for economic empowerment in Nigeria. By providing accessible and flexible financing solutions to both SMEs and individuals, SeedFi is paving the way for a more prosperous and inclusive future for the nation.
See also: <a href="https://technext24.com/2023/06/20/banking-apps-vs-fintech-apps-comparison/" data-type="post" data-id="197503" rel="noopener noreferrer nofollow">Amid the financial inclusion drive, 63% of Nigerians prefer fintech apps to traditional banks</a>

How SeedFi is empowering Nigeria’s economic growth through financial inclusion

Technext.ng

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