Mobile money lending App, Branch has now set eyes in the Nigeria market due to its populace and vibrant economy.
The branch has seen unprecedented global growth, now operating in Nigeria, Kenya, Mexico, and India. Users in these countries have downloaded the app over 5 million times. Also, Branch has now processed over 14 million loans worth over $350 million across these countries.
For many people, it is still extremely difficult to access capital for crucial business and personal needs.
According to the UK’s Enhancing Financial Innovation and Access (EFinA), 34.9 million Nigerians above the age of 18 have been financially excluded
Branch first launched in 2015 and became available for Nigerians in 2017. Over the last two years, the app has seen incredible growth in Nigeria.
Branch now has over 1.2 million users in Nigeria. The growth rate is incredible and it testifies to the usefulness and demand for its service.
Now, the company has disbursed over one million loans worth over N9 billion in Nigeria alone. That’s N9 billion that has helped individuals, families, and businesses make meaningful progress, particularly in the informal economy.
The branch has received over $250 million investments since 2015. Most recently in April 2019, the company announced a $170 million funding.
Branch seeks to offer more services to customers who have traditionally been excluded from accessing financial services. In order to be sure that a user can pay back a loan, Branch uses proprietary technology to analyze users’ creditworthiness through phone data.
It analysis basic details with the user’s permission to determine if a user is eligible and how much money a user can borrow.