A payment technology firm, SmallSmall Technology, has launched an instalment payment App in Lagos.
Chief Executive Officer, SmallSmall Technology, Tunde Balogun, said with the Fair App, businesses can have a safe market place to engage Nigerians by putting their products and services on the platform.
According to him, it will allow the people to pay monthly for products and services while the vendors decide how they want to be paid. We have made it very user friendly for them.
Speaking at the fair, he said, “Nigeria has been a cash based economy for decades and this model, he disclosed, is now outdated and adversely working against the country’s economy.
There is need to adopt consumption models that are sustainable and promote an inclusive economy for everyone, which will ultimately allow us to grow our market size and GDP as a country.
Credit is needed to sustain the middle class and take people out of poverty. The solution we believed in and have been advocating is instalment payment. It is one of the ways you can grow your customer base and revenue. It also gives financial stability. We have done it in the rental space and in the house ownership space and now we have a new product called the Fair App.
Many people believe that the credit system in Nigeria is one that is very needed but this will not just happen overnight. One of the ways to make it happen is through the provision of infrastructure that will allow us to get to the destination.
Like I said, we started with housing. The housing challenge is not yet solved in Nigeria. We have housing deficit of over 20million but this challenge can be solved.
Before now, many people thought it is impossible to pay a monthly rent in Nigeria and that our mortgage system is nothing to write home about as the cost of mortgage is high.
But we have home owners and developers that allow people pay in instalment. I think that is sustainable. Once the mortgage bank and other players that are institutional that are supposed to be backed by the government do the needful, the middle class in Nigeria will have a stronger base to grow the country and live a quality life.
There is no other place for us as Nigerians to live a quality life than in our country. We don’t have to leave the shores of Nigeria. We can create convenience and comfort for ourselves here. It’s all about having access to our needs and that is what the smallsmall fair and the Fair App is about. It is designed to ensure sustainable growth and provide the needed succour for the middle class who are mainly affected by inflation and the economic hardship.”
Over 100 companies including Fintech, Clothing brands, interior décors and household items and many more were in attendance at the fair to meet and sell to creditworthy consumers in person to offer instalment payment.
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