Lidya is a new financial services platform created to improve the access of African entrepreneurs worldwide, to finance and credit facilities in order to help them grow their businesses.
The value of the loan on Lidya can be between $500 and $15,000 and credit is disbursed to qualified customers in 72 hours unlike the usual 3-6 months it takes to access loans from the banks and other financial institutions.
According to Tunde Kehinde, co-founder of Lidya: “The overall aim of this platform is to tackle the huge issue of financial inclusion in Africa and to help support the continent’s entrepreneurs.”
Kehinde says “with 600 million mobile subscribers and close to 350 million people online in Africa today, it’s clear that mobile-led, technology solutions are the future of financial services in Africa. He adds that Lidya will work with SMEs to not only provide capital to grow but also provide data to help entrepreneurs understand and improve the financial health of their businesses.”
To apply for a loan on Lidya, entrepreneurs will be required to sign-up on the website.
How it works: OPEN an account, APPLY for a loan and GET PAID within the next 72hours. The platform’s first product is a receivables based loan aimed at SMEs.
Another Lidya co-founder Ercin Eksin, had this to say on the launch: “We estimate the credit gap in Africa to be several hundred billion US dollars. To unlock capital for customers that do not have access to credit; innovative financial services backed with world-class customer experience must be developed. Lidya is revolutionizing how risk is assessed and how credit is disbursed. We look forward to helping our customers access the capital they need to fulfil their potential. ”