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Nigeria’s OneFi Secures First Ever Credit Rating for an African Fintech

One Finance Limited [OneFi] today announces that is has been assigned a “BB” rating with a Stable outlook, from Global Credit Rating Co. The company behind Paylater, Nigeria’s leading digital financial services platform that specializes in consumer lending, becomes Africa’s first fintech company to secure such a rating, as it looks to increase transparency around its credit and lending service.

Global Credit Rating Co. is Africa’s leading ratings agency, accounting for the majority of all ratings accorded on the African continent. The report analysed key financial and operational factors including risk management, liquidity positioning, borrowings and capital under management. In arriving at this rating of “BB” with a Stable outlook, Global Credit Rating Co’s analysis found that OneFi is well capitalised vis-a-vis its current risk level, and also highlighted the fact that the company currently has a low liquidity risk.

Commenting on the news, Chijioke Dozie, OneFi CEO says, “The entire process of securing this rating from Global Credit Rating has been rigorous, testing, but ultimately, hugely beneficial for the company. It has allowed us to scrutinise our finance and business models, as well as provide full transparency not only to our stakeholders, but to Paylater’s tens of thousands of customers across Nigeria.

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“The work does not stop here. We are a young company, and the very first African fintech platform to be awarded with a credit score, and whilst we are pleased with our “BB” rating and Stable Outlook, which we believe fairly reflects our current standing, we are now focussed on expanding our product offering, improving our asset quality, driving up customer loan applications and looking at ways in which we can bring our innovative approach to finance management to additional markets”.

Paylater, launched in 2016 by Nigerian finance entrepreneurs Chijioke and Ngozi Dozie, provides hassle-free loans without need for human intervention or bias in decision making. Loans are disbursed to applicants account within 5 minutes of approval. The credit-as-a-service company aims to be a one-stop-shop where all the financial needs of the Nigerian consumer can be met through one platform. To-date, the Paylater app has been downloaded over 1 million times with over 1,575 loans approved daily. The average disbursement time is 12 seconds and the average loan borrowed is $80 with a 3 month loan tenor. As part of its ongoing commitment to transparency, the lending platform has, since September, provided each Paylater loan applicant with a free credit bureau report, irrespective of decision, with 100% reporting of positive and negative data. To date, the company has shared over 60,000 reports with customers.

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Chijioke Dozie concludes, “With the Central Bank of Nigeria [CBN] currently revising the Licensing Regime for finance providers and fintech platforms in Nigeria, and with more formality and regulation surrounding the sector, this was the right time for OneFi to undertake the positive step of securing a credit rating score, as we work to build a legitimate, trusted lending brand. We are now held to the same levels of transparency and scrutiny as other leading financial institutions in Nigeria”.


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NEWS

Plaqad Raises US$1.5M in Seed Fund, Launches Marketing Platform

Plaqad, a marketing and public relations software start-up, has raised US$1.5 million in seed funding led by its parent company, BlackHouse Media (BHM) and launched a marketing platform that lets brands advance an affordable, data-driven campaign from start to finish.

BHM is an international media and public relations company whose CEO is the founder of both companies.

Plaqad is scheduled to release its automated communications platform, built to help brands, agencies and individuals run end-to-end social and web campaigns.

According to Plaqad, it is the first solution to offer a one-stop shop for all things needed to implement a successful marketing campaign.

“Plaqad levels the playing field, giving SMBs the ability to connect to quality service providers regardless of budget, while also promoting jobs to creatives through its marketplace.”Gbenga Sogbaike – Co-founder and CEO, Plaqad

“Plaqad, a contorted way of spelling the word “placard,” is a protest against the norm, the traditional forms of communication that disenfranchise brands and people from effectively making their voices heard because of budget, location or size,” BHM and Plaqad Founder, Ayeni Adekunle said.

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Plaqad’s initial offering SocialCred’s algorithm measures real influence and minimizes influencer fraud by downplaying traditional metrics like follower count, reach and impressions, focusing instead on engagement rate, audience sentiments (positive, neutral or negative), and the creators’ ratio of original to shared posts within a 30-day window.

Plaqad sits at the intersection of technology, marketing and PR, bringing together the people, the tools, the products and the resources required by businesses to run successful campaigns on a single platform. Plaqad is an emerging global tech brand and Africa’s first-ever end-to-end marketplace and analytics platform.

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