Credit Direct, the fintech arm of FCMB Group, has unveiled a comprehensive suite of digital financial products, marking a significant strategic shift from traditional lending to a broader spectrum of retail investments and payments. This expansion aims to serve both individual consumers and businesses, leveraging a fully digital, end-to-end approach.
The new product offerings were showcased at a Product Demo Day held in Lagos on Saturday, highlighting Credit Direct's commitment to innovation and financial inclusion. With a history dating back to 2007 and regulatory backing from the Central Bank of Nigeria, the company has already established itself as a key player in the Nigerian financial landscape, serving millions of customers nationwide.
Strategic Evolution and Ambitious Goals
Chukwuma Nwanze, Managing Director/Chief Executive Officer of Credit Direct, emphasized the company's commitment to empowering individuals and businesses. "Our products are designed to support individuals and support businesses," Nwanze stated. "We help them achieve their aspirations every day by offering access to credit, payments, and growth through our investment products. Our embedded finance philosophy ensures sustainability and scalability."
Nwanze further highlighted the company's financial strength, noting, "We have built easily the most capital-efficient financial services business in Nigeria over the years. We’ve delivered billions in profits, boasting a return on equity exceeding 80 per cent and one of the lowest non-performing loan ratios in the industry."
Key Product Launches and Innovations
A cornerstone of the new offerings is "Checkout," Credit Direct's Buy Now Pay Later (BNPL) solution. Faith Ojeiku, Head of Embedded Finance at Credit Direct, described it as "more than a payment option; it is an embedded finance solution offering up to N1m in credit at the point of shopping." This seamless integration aims to enhance customer convenience and drive measurable value for merchants, fostering long-term sustainability. The company projects N500bn in sales over five years, targeting 200,000 MSMEs and impacting five million customers.
In addition to the BNPL solution, Credit Direct launched "Yield by Credit Direct," a fund management platform designed to democratize wealth-building by offering up to 21 per cent annual returns. The "Credit Direct Mobile App" further consolidates the company's offerings, providing a single, integrated platform for payments, credit, transfers, and wealth-building tools. The company aims for one million app downloads within the first year, positioning it as a key driver for financial inclusion.
Driving Financial Inclusion and Sustainable Growth
Credit Direct's strategic expansion reflects a broader trend in the Nigerian fintech sector, where companies are increasingly leveraging digital solutions to enhance financial inclusion and drive economic growth. By offering accessible and innovative financial products, Credit Direct aims to empower individuals and businesses, contributing to the nation's economic development.
The launch of these digital products underscores Credit Direct's commitment to innovation and customer-centric solutions. By leveraging technology and data-driven insights, the company is poised to redefine the financial services landscape in Nigeria, offering seamless and accessible financial solutions for all.