FINTECH BUSINESS PLAN IN NIGERIA
FINTECH BUSINESS PLAN IN NIGERIA
This sample Fintech Business Plan in Nigeria can be used for Grant Applications, Bank Loans, Proposal writing, Business Concept Note, Competitions etc. Accounting Firm Business Plan is a lucrative business that needs a lot of strategic Planning to start and a business coach like Dayo Adetiloye to help you start the Implementation.
BUSINESS DESCRIPTION FOR FINTECH BUSINESS PLAN IN NIGERIA
BUSINESS: FINTECH
INDUSTRY: CREDIT AND LENDING FINTECH
Patilad Financial Technology LLC. is a registered and licensed financial technology (FinTech) and a digital savings and credit company incorporated under the law of the Federal Republic of Nigeria, the head office of the business will be situated in Jos – Nigeria in a well-positioned and standard office facility.
We are a team of experienced former bankers and software engineers; we are aware that to run a successful financial technology (FinTech) company requires continuous innovation in a fast-growth industry that is easing away traditional banking is why we have a well founding team of experienced entrepreneurs to execute this Business and scale.
Patilad FinTech, LLC. is a customer-centric and result-driven (fintech) company that provides tested and trusted financial services including micro-savings schemes for individuals, small & medium scale enterprises, and corporate organizations with access to consumer loans that can cover business expansion, school fees payment, emergencies, etc.
We will offer standard and professional financial technology (FinTech) services to all our clients at local, state, national, levels. We will ensure that we work hard to meet and surpass our clients’ expectations.
At Bluecredit Fintech everything we do will be guided by our values and professional ethics. We will ensure that we hire professionals from any part of the world who are experienced in financial technology.
BlueCredit® FinTech, LLC will always demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible, improving financial inclusion of women and SMEs will ensure that we hold ourselves accountable to the highest standards by meeting our client’s top tier needs.
Problems Statement:
- Lack of Accessible Financial Services:
- Many individuals, small and medium enterprises (SMEs), and corporate organizations face challenges accessing reliable and convenient financial services, limiting their ability to save, invest, or obtain necessary loans for various purposes.
- Traditional Banking Constraints:
- Traditional banking systems are often cumbersome and may not meet the evolving needs of a fast-paced society, leading to a growing demand for innovative financial technology solutions that offer speed, efficiency, and accessibility.
- Limited Financial Inclusion:
- A significant portion of the population, especially women and SMEs, remains financially underserved or excluded, hindering their economic growth and development.
- Risk and Emergency Funding Gaps:
- Individuals and businesses encounter difficulties in managing financial risks and accessing emergency funds promptly, leading to financial instability during unexpected situations.
Solutions Statement:
- Establishment of Patilad FinTech:
- Patilad FinTech addresses the lack of accessible financial services by establishing a licensed digital savings and credit company. The incorporation under Nigerian law ensures regulatory compliance and builds trust among potential clients.
- Experienced Team of Bankers and Engineers:
- The team’s fusion of experienced former bankers and software engineers positions Patilad FinTech to leverage both financial expertise and technological innovation, overcoming the limitations of traditional banking systems.
- Micro-Savings Schemes and Consumer Loans:
- Patilad FinTech offers micro-savings schemes catering to individuals, SMEs, and corporate organizations, providing a reliable avenue for financial growth. Additionally, the provision of consumer loans addresses the need for quick and accessible funds for purposes like business expansion, school fees, and emergencies.
- Local, State, and National Reach:
- The company’s commitment to providing standard and professional FinTech services at various levels ensures broad accessibility, benefiting clients across local, state, and national platforms.
- Financial Inclusion Initiatives:
- Patilad FinTech actively contributes to improving financial inclusion, with a focus on women and SMEs. By integrating sustainable business practices and participating in community initiatives, the company aims to bridge the financial inclusion gap and uplift underserved communities.
- Adherence to Values and Ethics:
- The company’s commitment to professional ethics and values ensures a customer-centric and result-driven approach, fostering trust and accountability in its operations.
In summary, Patilad FinTech aims to revolutionize the financial services landscape by providing innovative solutions that address key challenges faced by individuals and businesses in accessing financial resources and managing their financial well-being
Benefits Fintech Business Plan in Nigeria
- Instant micro-loans for customers when they need it
- Interest on Micro savings
- Competitive credit interest rate
- Elimination of middle man in accessing financial deliverables
- Convenient and hassle-free processes
Products and Services Fintech Business Plan in Nigeria:
-
Peer-to-Peer Lending Platforms:
- We operate cutting-edge peer-to-peer lending platforms, facilitating access to substantial loan amounts from partnered financial institutions based on customers’ credit ratings with our platform.
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Digital Banking (Savings):
- Our mobile application provides a seamless digital banking experience, allowing customers to create a wallet and participate in our micro-savings scheme. Savings with us not only foster financial discipline but also serve as a qualification for obtaining loans through our platform.
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Investment Platforms and Management:
- We offer diverse investment opportunities, empowering individuals to invest in debentures and reap returns on their investments. Our platform provides a user-friendly interface for efficient investment management.
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Credit and Lending Services:
- We provide instant consumer loans, ensuring swift access to financial resources for our customers. Our streamlined credit and lending process is designed to meet the immediate financial needs of individuals.
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Services for the Unbanked/Underbanked:
- Addressing the needs of marginalized or low-income individuals overlooked by traditional banks, we offer specialized services tailored to the unbanked and underbanked. Our mission is to provide inclusive financial solutions to those often underserved by mainstream financial institutions.
Through these comprehensive products and services, our Fintech business endeavors to redefine the financial landscape in Nigeria, fostering accessibility, innovation, and financial inclusion for individuals and businesses alike.
Keys to Success Fintech Business Plan in Nigeria
- Product development and update
- Our management team is equipped with vast experience in the financial services industry, sales, and marking teams will be recruited from among top talents in the market, we will also ensure that our excellent job deliveries speak for us in the marketplace.
- Launch our business by sending introductory emails to target groups of – small & medium businesses, corporative organizations within Nigeria
- Robust paid advertising- social media marketing, SEO, SEM
- Advertise our business in relevant financial magazines, radio and TV stations
- Leverage on the interconnectedness of the internet to promote our business
Core Values Fintech Business Plan in Nigeria
At Patilad, our core values are reflected through our constant efforts to provide Quality Products that ensure Profits/Customer Satisfaction.
- Growth
- Management
- Corporate governance
- People
- Fidelity
FINTECH BUSINESS PLAN IN NIGERIA
Vision Fintech Business Plan in Nigeria
To Boost financial inclusion and closing the financial gender gaps in Nigeria.
Mission Fintech Business Plan in Nigeria
To help increase financial inclusion for people with the lowest access to credit and other financial deliverables through innovative digital financial products.
Read Also: AR/VR Business Plan in Nigeria
SWOT Analysis Fintech Business Plan in Nigeria
STRENGTHS– Getting competent talent on our team has always been a major focus for us, at Patilad we have a strong and competent technical and Marketing team with deep sector knowledge.
WEAKNESS– as a new start-up and player in the industry our only weakness is the financial ability to compete for market share with the already existing financial technology companies.
OPPORTUNITIES– financial technology is a disruptive technology that will substitute traditional financial institutions, the growth potential is huge. A large margin of the population remains unbanked and therefore an untapped customer base. We will focus on closing gender gaps and improving financial inclusion.
THREATS– Most of the threats we anticipate as financial technology credit providers include unfavorable government policy and regulation, and economic crises that could affect the purchasing power of our customers.
FINTECH BUSINESS PLAN IN NIGERIA
Management Team Fintech Business Plan in Nigeria
Daniel Balmun- A full-stack software engineer with over 10 years of demonstrated working experience in technology industries and fast-growth start-up markets. A serial founder who has succeeded in building and scaling other technology companies. He will serve as the product design and engineering lead on the erstwhile team.
Dayo Adetiloye- (B.A, MBA, PMP) has over 15 years of experience in business management, business start-up dynamics, financial management of the business, and overall business growth and development. He is an alumnus of the enterprise development center (EDC) of the Lagos business school (LBS) pan African university PAU) he is our business development strategist and a strategic partner
Lilian Mfon- Lilian is the head of our marketing team. Most of our marketing strategies are online-based and she is the best personnel for the job. She has a well-established digital marketing career with proficiency in content management social media marketing, search engine optimization, and marketing.
WE BROUGHT TO THE BUSINESS
- Extensive start-up sector expertise
- Deep technology knowledge
- Professional business acumen
- Banking and finance industry domain expertise
Customer Segments Fintech Business Plan in Nigeria
Our target demographic covers a large spectrum of customers including
As a standard and licensed financial technology (FinTech) start-up company, Patilad FinTech, LLC. Offers digital financial services. Hence we are well trained and equipped to service a wide range of clientele base such as;
- B2C for individual users
- B2B for small businesses, cooperatives, etc.
CUSTOMER MOTIVATION
Our products and services can be enjoyed from anywhere on your mobile device. Our customers can easily request instant micro consumer loans. We will integrate the USSD service for users without access to the internet. Our customers are motivated by the reliability and convenience of our services.
Equipment and Personnel Fintech Business Plan in Nigeria
- Office spaces
- Web and mobile application
Personnel
- Chief Executive Officer
- Head of Operations and HR
- Head of Finance
- Head of Marketing –
- Chief technology officer
Competitive Advantage for Fintech Business Plan in Nigeria:
In the dynamic landscape of financial technology in Nigeria, Patilad FinTech secures a distinct competitive advantage by providing unparalleled value to our customers. Our unique selling points include:
- Transparent Financial Obligations:
- Clients choose Patilad FinTech for our commitment to transparency, ensuring that all financial obligations come with clarity and no hidden charges. We prioritize openness in our dealings, building trust with our customers and setting us apart from competitors who may lack this level of transparency.
- Competitive Interest Rates:
- One of our key differentiators is the provision of competitive interest rates that are slightly lower than those offered by our competitors. This strategic pricing approach not only attracts customers but also positions Patilad FinTech as a cost-effective and customer-friendly option in the market.
- High Disbursement Rate:
- Leveraging extensive research on consumer behaviors, particularly identifying high-risk users in advance, we excel in high disbursement rates. Our ability to disburse loans quickly is a testament to our understanding of market dynamics and risk management, ensuring that funds reach our clients promptly. This agility sets us apart from competitors and enhances our customer satisfaction.
Patilad FinTech establishes itself as the preferred choice for individuals and businesses seeking reliable and efficient financial services in the Nigerian market. We combine transparent financial practices, competitive interest rates, and a high disbursement rate based on in-depth consumer behavior analysis,
For the remaining part of this business plan, including the detailed financial analysis.
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