In a bid to bolster the economic resilience of Nigeria’s middle class, a firm has mapped out plans to showcase the transformative power of installment payment solutions across diverse industries.
The firm, known as SmallSmall, announced that it is launching the first installment payment fair in Nigeria.
According to SmallSmall, the forum will allow hundreds of companies offering installment payment options to meet and sell directly to over 5,000 credit-worthy consumers in person, all under one roof.
Scheduled to be held in Lagos on August 17, SmallSmall’s pioneering and award-winning products, RentSmallSmall and BuySmallSmall, have already transformed the way Nigerians rent and buy properties.
The company has been leading the charge for Nigerian businesses to adopt installment payments to ensure sustainable growth and provide much-needed relief for the middle class, whose purchasing power is being eroded.
Speaking about the forum, Co-founder and Chief Executive of SmallSmall, Tunde Balogun, said it would afford Nigerians the opportunity to adopt consumption models that are sustainable and promote an inclusive economy for everyone.
He stated, “Nigeria has been a cash-based economy for decades, and this model is now outdated and working against our economy.
“The demand to pay for everything in cash has fueled a lot of ills in our society including greed and corruption. In Nigeria, we brag about paying for things in cash, and when we are faced with a tough economy as we have right now, everybody goes into hiding and eats their breakfast in silence.
“Why don’t we adopt consumption models that are sustainable and promote an inclusive economy for everyone, which will ultimately allow us to grow our market size and Gross Domestic Product (GDP) as a country?”
The chief executive emphasised that any company allowing its customers to pay in installments should have a proper structure to capture the customers’ repayment history and log it into a central credit bureau system.
This way, Nigeria could develop a robust credit database showing citizens’ credit history and creditworthiness.
As part of SmallSmall’s effort to promote the adoption of installment payments, the company launched the SmallSmall Podcast, a platform to drive conversations with founders and CEOs of companies providing installment payments to consumers.
Guests on the podcast have included Adenike Macaulay, CEO of Wakanow (a travel company), Adeposi Bamiduro, founder and CEO of Conclase Academy (a digital education company), Tobi Odukoya, co-founder and CEO of CDCare (a gadgets and appliances company), Rotimi Thomas, co-founder and CEO of SunFi (a solar power company), and Williams Fatayo, co-founder and CEO of truQ (a logistics company), all spearheading the normalisation of installment payments in their respective industries.
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