Oystr Finance, the platform, which offers lenders a SAAS platform that enables them to extend credit facilities to farmers, mobile money agents, merchants, and informal gig workers, has disclosed its objective to extend lending facilities to as many as over 750 million adults.
The platform is one of the organizations that provide avenues for Nigerians to obtain credit ratings, but its focus is on small-scale entrepreneurs trying to introduce new goods for their clients.
“The company promises fast loans as it provides lenders with an infrastructure to enable them to develop low-risk micro-loan products, grow their portfolios, and expand into new markets in under 30 minutes,” according to Techstars informational material.
The CEOs, Ifedolapo Lawal, Olusola Onajobi, and Omotayo Iginla, have made it their mission to give credit to as many adults as possible who are excluded from the credit system owing to a lack of financial data, credit history, and identity.
Oystr Finance Journey Thus Far and Future Goals
Oystr Finance is one of the startups that were part of the ARM Labs Lagos Techstars Accelerator Program inaugural cohorts held last week.
Ifedolapo Lawal, the co-founder of Oystr, recently told Technext that in another five years, his company will become Africa’s equivalent of the FICO score.
The Fair Isaac Corporation developed the FICO score, which is a credit rating (FICO). Lenders then evaluate credit risk and decide whether or not to offer credit based on borrowers’ FICO scores and other information on borrowers’ credit reports.
Envisioned Difficulties of The Organization
Nonetheless, there will be some rough mountains along the way. As Oystr Financial aims to scale, Lawal says it has been difficult to locate the necessary culture-fit individuals to implement the expansion strategy.
“Building in this market, which is Africa, we face the whole problem of hiring, getting the right fit, putting culture in place, structure,” she said.
She is not discouraged by that, though. After completing the ARM Labs Lagos Techstars Accelerator Program last week, Oystr Finance is currently seeking funding. Lawal had already made an investment pitch on demo day.
“We are looking to raise funds and scale up,” she said.
Yet, she will still need to meet with other investors and attend several meetings before she finds a collaboration that benefits both parties. She must then carry on with the procedure until she obtains the necessary funds to organize the urgent scaling that Oystr Finance requires.
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