NOLT Finance obtains an operating license from CBN

NOLT Finance, a disruptor in the social impact banking space, has obtained an operating license from the Central Bank of Nigeria to provide financial services in the Nigerian market.

The license allows the fintech start-up to provide investment and lending services to SMEs, businesses and individuals across the country.

Commenting on the accreditation by CBN, Babatunde Dada, CEO of NOLT Finance, said it provided readability and credibility to NOLT Finance as a brand. “The CBN license gives us the eligibility to do business in a way that gives everyone confidence. It also allows us to tap into multiple sources of funding. For example, the CBN offers many programs to make the financing accessible to different segments of the economy, so we would also benefit from such provisions,” he said.

On the services of NOLT Finance, Dada explained that the company offers working capital loan, asset finance and employee loan. He said, “There are two branches in our business: the investment and the lending branch, as stipulated by CBN regulations. Our SME loans range from N100,000 to a maximum of N20 million. On the personal side, it is 100,000 to 5 million naira. Other lending options include annuitant loans (for retirees), bill financing, auto financing, and title lending.

“On the investment side, we offer services from N100,000 to individuals and businesses. Our rates are quite competitive and above inflation. As a general rule, we cannot do anything beyond 12 months.

Dada said NOLT Finance’s services are technology-driven, adding that the company is equipped with the expertise and staff to deliver fast financial services that are now needed more than ever across the country.

“When I was on the investment side of finance, I noticed that people tended to mainly need finance. They approached me, but what I came up with was investment. We have therefore discovered that there was a huge gap of opportunity that was not being served enough.We also noticed the advancement in technology that makes the business better.

“So it’s a question of timing, technology and having the right partners on board. We have experienced lawyers, technology experts and accountants to provide the best service in this market.

“NOLT stands for ‘No Long Things’. For us initially, we wanted a company that offers fast services. We are very fast; everything we do is with a sense of urgency. We don’t make our customers wait.

“Our customer service, price and speed set us apart from our competition. We are here to turn your business around within 24 hours,” he explained.

On how to access NOLT Finance offers, Dada said clients can apply through the app, the company’s website or visit their offices.

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