Results 1 to 8 of 8
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04-12-2024, 10:53 AM #1
- Join Date
- Feb 2024
- Location
- NY
- Posts
- 77
Merchant Cash Advance Service Coming in Nigeria. Expect No fraud/defaults. lol
Cryptocurrency has collapsed their currency so now raid the merchant coffers very sad economy is dead.
Yabx and PayCliq Collaborate to Launch Merchant Cash Advance Service in Nigeria
Yabx, a leading player in the sustainable financial inclusion space, has today announced that it is partnering with PayCliq to introduce a revolutionary merchant cash advance service in Nigeria.
With approximately 100 million MSMEs in Africa and 42 million in Nigeria alone, consumer payments on the continent are projected to exceed $2.1 trillion by 2025. PayCliq, a business tool specifically designed for businesses across Africa, is set to facilitate seamless payments for merchants, promoting financial inclusion and supporting Nigeria’s cashless policy and business accountability.
AI scoring partner, Yabx is poised to speed up the uptake of digital payments by building a lending infrastructure for small businesses. MSMEs often find it difficult to secure formal loans as they encounter challenges with providing proper identity documents, collateral, or a credit history. However, with the understanding that adopting digital payments can help them build a credit score becomes a compelling reason for them to embrace this opportunity.
Yabx will leverage the business data from PayCliq and use AI/ML algorithms on its cloud powered digital lending platform to build credit scores and personalised credit limits for each business. This will not only solve the problem of credit but also the problem of payments. This will mean that businesses can get an instant line of credit in their operating accounts and pay for it in 30, 60 or 90 day installments.
The collaboration comes at a crucial time for Nigeria, which is actively promoting a cashless economy, focusing on streamlined transactions and simplified auditing processes. In a market where over $19 trillion is transacted annually in cash payments, the opportunity to digitise these payments is substantial.
PayCliq, with operations spread throughout Nigeria and Lagos as its main hub, through its array of partnerships specialises in book keeping, inventory management, invoicing and facilitating payments for businesses through various channels, including Bank Transfers, QR codes, apps, and card transactions on Point of Sale (PoS) terminals.
While the push for a cashless economy is evident, challenges persist, such as, the late supply of goods due to manufacturers and suppliers want money upfront and the inability to meet growing demand as many businesses’ stock is impacted by the current exchange rate. Yabx and PayCliq are strategically positioned to address these issues by providing innovative and inclusive credit and business solutions.
Puneet Chopra, Chief Growth Officer at Yabx, said: “We’re thrilled to partner with PayCliq, combining our AI-driven credit scoring expertise with their robust payments infrastructure to transform the financial landscape in Nigeria. By streamlining repayments and unlocking transactional data, we’re committed to creating seamless, fully automated lending journeys that empower local businesses and consumers. Now is the ideal time to harness the potential of technology and collaboration to build stronger, more agile systems that support Nigeria’s growth in consumerism.”
Susan Adewunmi (Head of Operations) at PayCliq, said: “PayCliq is excited to collaborate with Yabx in providing innovative solutions to address the challenges faced by businesses in Nigeria. By providing direct funds to the businesses and assisting in the settlement process, we are addressing the challenges faced by our target audience – the 42 million businesses in Nigeria, predominantly consisting of mom-and-pop shops and SMEs.”
The new service is anticipated to go live within Q2, enabling businesses to make more sales as well as providing comprehensive and inclusive payment solutions to address the unique needs of the Nigerian market.
The Businesses Cash Advance service, which provides funds directly into the businesses account and assists in the settlement process, is expected to be a game-changer for approximately 10,000 businesses, by increasing profitability within the extensive customer base. Processing around one million dollars in settlements daily, PayCliq and Yabx are committed to enhancing financial inclusion and accelerate the growth of small businesses in Nigeria.
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04-12-2024, 10:58 AM #2
- Join Date
- Sep 2021
- Posts
- 190
MCA in Nigeria lmfaoooo. Anyone who funds them..... I have a bridge I want to sell you
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04-12-2024, 11:18 AM #3
I really love where this industry is heading...
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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04-12-2024, 01:23 PM #4
- Join Date
- Mar 2024
- Posts
- 223
Pretty redic stuff. Unreal
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04-12-2024, 01:36 PM #5
surprised it took them this long
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04-15-2024, 11:10 AM #6
- Join Date
- May 2022
- Posts
- 87
You realize "Nigerian Prince" scams are engineered the world over and do not solely originate from Nigeria, correct?
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04-15-2024, 11:20 AM #7
- Join Date
- Feb 2017
- Posts
- 3,416
Believe it or not, there are 39,654,385 MSMEs registered in Nigeria in 2020. There are literally 218.5 million people there. There's no reason why they can't benefit from MCAs also, unless you're a racist or you think that Trump's descriptions of "hole" countries is appropriate.... Even Rwanda cleaned up their act after their civil war. Nigeria has a representative democracy, with middle-income.
Why not?
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04-15-2024, 11:29 AM #8
- Join Date
- Feb 2019
- Posts
- 209
I once did a peer-to-peer transaction for a business. It was a coffee shop and they asked for like 100 bucks to stay afloat for a week. Figured, why not. Surprisingly got my money back and a very nice thank you card. Visited the owner a couple of years later. A pretty cool eye-opening experience.
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