One of the good news we want to hear is FINT, a peer to peer lending website preparing to ship.
In the midst of the Ponzi schemes and scams parading themselves as peer to peer lending platforms, the arrival of FINT will further enlighten many who have misconstrued this form of lending and borrowing to an high interest yielding scheme.
In one of the pitch message monitored in an online forum, Chiwete Njokanma, one of the founders of the product said FINT’s beta version will launch any moment from now (March).
He described it as a platform where investors are connected with borrowers.
Here is why FINT is really legitimate and different from numerous ponzi schemes and pseudo peer to peer platforms.
Firstly, the platform is registered with the Central Bank of Nigeria. All loans given out on the platform will also be insured by a reputable insurance company.
To get rid of chronic debtors, all borrowers are profiled through an authorised credit bureau. Therefore, no borrower gets a loan just because an investor on the platform is willing to give out his funds for interest.
As for borrowers who default on the payment, there is a debt collection agency that will see to the recovery of debt.
The coming of FINT will go along way to create a culture of online peer to peer lending. Peer to peer lending has gained traction in other climes. While the trend is waning, there is a huge opportunity for such business in Nigeria given the high interest rate regime.
What is not clear about the model of FINT is the minimum and maximum amount that can be borrowed and how interest rates are going to be set. Do investors determine what rate they are willing to lend money or it is a flat rate within the context of a borrower’s credit history.