Extramile Africa offers N4m soft loans to MSMEs

To drive financial inclusion and social empowerment for Micro, Small and Medium Enterprises (MSMES), a fintech firm, Extramile Africa, has offered N4 million worth soft loans.
    
The initiative, which flagged off its pilot scheme in Akure, Ondo State, also launched her mobile/merchant app and USSD code.
    
Co-founder and Chief Executive Officer (CEO), Extramile Africa, Bankole Olalekan, said the initiative would boost the economy, and redistribute wealth.
   
Olalekan added: “Access to funds is one of the major challenges faced by MSMEs, hence, the need to fill the gap between financial institutions and small businesses. We are set to reach the hinterlands, especially where there are no banks. We plan to reach over 200,000 Nigerians and 5000 MSMEs in the next few months.”
    
Chief Marketing Officer, Extramile Africa, Victor Olatunde, said the mobile and merchant app is available on Google playstore. “Using the app, you can access your money in the mobile wallet and get 25 per cent Returns on Investment (RoI),” he added.

Supported by UKaid and DFID through EfinA, Extramile Africa is one of the startups that won the eFinA $2million grant for increasing financial inclusion in Nigeria.
   
A cloth seller, Taofeek Ayodele, lauded the initiative and said: “The offer is in line with their need and it will help improve their business. Many Nigerians are suffering because they lack fund to start or grow their business. I will use my own to buy clothing materials.”
   
Deji of Akure, Oba Aladelusi Aladetoyinbo, who was represented by Chief Demola Elegbe, charged the beneficiaries to pay back the loan in time to ensure continuity of the scheme.