Businesses converge to promote instalment payment

  

 

By Oluwafunke Ishola

A property technology company, SmallSmall, says it will continue to promote the adoption of instalment payment solutions across diverse industries to stimulate economic growth.

Mr Tunde Balogun, Chief Executive Officer, Small Small Technology, said this during the SmallSmall Fair on Saturday in Lagos.

Balogun noted that leveraging the transformative power of instalment payments would reduce financial pressure on customers while boosting productivity and sales for many businesses.

“Currently, many businesses have high unsold inventory because the purchasing power of consumers has reduced.

“However, access to instalment payment is the solution needed by individuals and businesses to navigate this current economic situation,” he said.

According to him, the Nigerian economy is largely cash-driven and credit-averse, thereby calling for the establishment of a robust credit system in the country.

“We must deepen instalment payments to ensure sustainable growth and provide a much-needed succour for the Nigerian middle class, whose purchasing power is being eroded by inflation,” he said.

He lauded the Federal Government’s student loan initiative, noting that more of such initiatives were required to impact citizens’ lives.

Balogun said SmallSmall was leveraging the successes it recorded in its products to encourage more businesses to adopt instalment payment models for the products and services.

According to him, over 100 vendors from various sectors are exhibiting their products and services to about 5,000 visitors at the fair.

He emphasised that companies offering instalment payments should have a proper structure that allows them to capture the customers’ repayment history and log them into a central credit bureau system.

Balogun disclosed that the company has launched an app, “Fair App”, to create a marketplace for buyers and sellers, noting that the app features a strong verification process and fraud prevention system to enhance seamless trade.

Similarly, Kikelomo Fola-Ogunniya, Co-Founder of Cargoplug, said the company was exhibiting at the fair to simplify logistics for individuals and businesses within and outside Nigeria.

Fola-Ogunniya said that the company was offering a credit facility tagged “ship now, pay later” to ensure goods are delivered to customers timely, efficiently and economically.

Also, Ifedayo Durosinmi-Etti, Founder of Herconomy, said the fair provides a platform for businesses to enhance their visibility, network and customer base.

Durosinmi-Etti said that the fair would boost the growth and success of many businesses, especially female-owned companies who constitute a major percentage of MSMEs.

Commenting, Blossom Johnson of Edike Africa, said the company gives parents seamless and affordable access to school fees financing for their children.

Johnson said that the company was committed to bridging education financing and ensuring more students access education, regardless of their financial status.

Also, Mr Adeola Juba, Marketing Officer, SunFi, said that energy was a major challenge in Nigeria, especially with the new electricity tariff.

Juba said that SunFi connects individuals and businesses to reliable solar solutions with flexible and affordable payment plans to solve their energy needs. (NAN) (www.nannews.ng )

AIO/AWA

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Edited by Olawunmi Ashafa