NOLT Finance secures operating license from CBN

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

The license enables the fintech start-up to provide investment and loan services to SMEs, corporate and individuals across the country. 

Commenting on the accreditation by CBN, Babatunde Dada, CEO NOLT Finance, said it provided legibility and credibility for NOLT Finance as a brand. “The CBN license gives us the eligibility to do business in a way that gives everyone confidence. This also enables us to tap into multiple sources of funding. For example, CBN has a lot of schemes to make finance accessible to different segments of the economy. So we would also be benefiting from such provisions,” he said.

On NOLT Finance services, Dada explained that the company offers working capital loan, asset finance and salary earners loan. He said: “There are two arms to our business: the investment and the lending arm as stipulated by CBN regulations. Our lending to SMEs is from 100,000 to a maximum of N20m. On the personal side, it’s from 100,000 to N5m. Other loan options include Annuitant Loans (for retirees), Invoice Financing, Auto Financing and Securities Lending

“On the investment side, we offer services starting from N100,000 to both retail and corporate customers. Our rates are quite competitive and above inflation. Typically, we can’t do anything…

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