More than 60 per cent of the world’s employed population are in the informal economy (ILO). In Africa, 85.8 per cent of employment is informal. In addition, the mobile economy continues to grow steadily with Sub-Saharan Africa predicted to reach a total mobile subscriber base of 623 million in 2025, or around half of Africa’s population.
Fettle Group provides affordable finance in the form of micro-credits to individuals and micro/small scale enterprises in the informal sector who are considered a ‘higher risk’ by banks and traditional fintechs. The loans are disbursed and payments collected through a mobile wallet featuring an innovative deposit and payments solution that lowers the default risk below acceptable limits.
In 2 years, we have disbursed 234 loans worth over N10.5 million with a NPL of 3.78% and generated about N2.4 million in revenue and we are looking forward to expanding to meet more credit needs across Nigeria and beyond.