Credit Direct, the fintech arm of FCMB Group, has unveiled a suite of digital financial products aimed at revolutionizing how individuals and businesses interact with financial services in Nigeria. This strategic move signifies Credit Direct’s evolution beyond traditional lending, encompassing retail investments and payments, solidifying its commitment to providing comprehensive financial solutions. The company’s ambitious target of N500 billion in sales over the next five years underscores its confidence in the transformative potential of these new offerings.
Central to Credit Direct’s new product lineup is “Checkout,” a groundbreaking Buy Now, Pay Later (BNPL) solution designed to seamlessly integrate credit access into the shopping experience. Unlike traditional BNPL services, Checkout extends credit limits up to N1 million directly at the point of purchase, eliminating the need for customers to navigate separate lending platforms. This embedded finance approach not only prioritizes customer convenience but also aims to generate tangible value for merchants, fostering long-term sustainability and mutually beneficial partnerships. Credit Direct projects that this solution will empower 200,000 Micro, Small, and Medium Enterprises (MSMEs) and impact the lives of five million customers over the next five years.
Complementing Checkout is “Yield by Credit Direct,” a sophisticated fund management platform engineered to democratize wealth creation. Offering attractive annual returns of up to 21%, Yield empowers users to take control of their financial futures and build long-term wealth through accessible and user-friendly investment tools. This platform aligns with Credit Direct’s broader mission of fostering financial inclusion and providing individuals with the means to achieve their financial aspirations. The company’s focus on high returns underscores its commitment to delivering tangible value to its customers.
Unifying these innovative services is the newly launched Credit Direct Mobile App, a comprehensive platform that consolidates payments, credit access, fund transfers, and wealth-building tools into a single, intuitive interface. Aiming for one million downloads within its first year, the app is strategically positioned to drive financial inclusion by simplifying access to essential financial services. This integrated approach streamlines financial management for users, providing a convenient and centralized hub for all their financial needs.
Credit Direct’s expansion into these new product areas is driven by a strong track record of financial performance and a commitment to sustainable growth. Boasting an impressive return on equity exceeding 80% and maintaining one of the industry’s lowest non-performing loan ratios, the company has established itself as a leader in the Nigerian financial services sector. This financial strength positions Credit Direct to effectively invest in and support the growth of its new product offerings, ensuring long-term success and impact.
The launch of these digital products underscores Credit Direct’s dedication to serving both individuals and businesses across Nigeria. By providing access to credit, facilitating seamless payments, and offering opportunities for wealth creation, Credit Direct is empowering individuals and businesses to thrive. The company’s commitment to financial inclusion and its focus on providing valuable financial tools are poised to reshape the financial landscape in Nigeria, empowering individuals and driving economic growth. With ambitious targets and a proven track record of success, Credit Direct is well-positioned to achieve its vision of transforming the financial services sector.
