17 hours Ago By Guardian Nigeria
Credit Direct, one of Nigeria’s financial services companies, recently announced a strategic pivot from lending to a comprehensive digital finance company with the launch of several innovative fintech products. The new solutions were unveiled during the ‘This is Credit Direct’ product demo event in Lagos. The digital offerings were targeted at retail investments, payments for individuals and businesses, and a Buy Now, Pay Later solution for merchants and individuals.
With over 18 years of experience, the new product lineup includes the Credit Direct Mobile App, an all-in-one platform where customers can pay, invest, and grow their finances with an interest-earning wallet that grows money daily with no restrictions on fund access. There is also the Credit, Lifestyle, and Revenue Assistant (CLARA) powered by AI, which simplifies users’ financial lives. In three years, Credit Direct has increased its revenue from N1.
6 million per hour to over N9 million per hour, while expanding its market share from 18 per cent to 30 per cent of Nigeria’s Consumer Lending Industry. In his speech, the Managing Director and CEO of Credit Direct, Chukwuma Nwanze, disclosed: “We are a digital-first, capital-efficient, and purpose-driven finance company. We’ve built one of the most efficient financial platforms in the country, delivering over N90 billion in cumulative profits, achieving a return on equity above 80 per cent and maintaining one of the lowest NPL ratios in the industry.
” Speaking in a similar vein, Nifemi Oluboyede, Chief Product Officer at Credit Direct, noted: “Credit Direct Mobile App is not just another app. It was built with everyone’s real financial lifestyle in mind. Just by keeping money in it, you earn daily interest, no minimums, no lock-ins, no extra steps.
” Oluboyede added: “Even when you are not investing yet, your money is already working for you quietly, consistently, in the background. We’re building a platform you’ll want to open every time there’s a money decision to be made, whether it is sending, investing, or getting credit.”.
