Zitra Investments Vows to Close Financial Inclusion Gap, Expands Access to Credit
Marking its sixth anniversary, the management of Zitra Investments has expressed determination to close the financial inclusion gap and extend Small and Medium Enterprises (SMEs) access to credit in Nigeria.
Zitra Investments, marking its sixth anniversary, aims to close Nigeria's financial inclusion gap and expand credit access for Small and Medium Enterprises (SMEs). CEO Mr. Babatunde Obadero highlighted the company's significant progress, including 300,000 loans and N30 billion disbursed in six years, and the recent acquisition of a banking and asset management licence.
Co-founder Mr. Femi Okuyelu noted the company's growth to over 120 staff and its impact on Nigeria's financial inclusion, which stands at 79 percent, leaving 21 million adults unbanked. The primary barriers to credit access, according to Okuyelu, are lack of collateral, informal sector disorganization, and lack of credit history.
Zitra Investments aims to address these issues by adopting a social business model that onboards informal customers, organizes their businesses, monitors cash flow, and lends against it. Director Mr. Olaotan Olamuyiwa explained that SMEs often have trapped funds due to unpaid client invoices, and products like invoice discounting can help alleviate this issue, enabling SMEs to access credit more easily.
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