Find out how Nigerian lending service Creditville trebled its client base and accelerated its loan application process, with the power of Instafin from Oradian.
Creditville is a private lending institution which specialises in loans to individuals and small businesses in Nigeria. They are aiming to become the country’s most dominant, efficient and reliable provider of private lending services.
Their range of products that includes salary loans, car loans, hire purchase, and business loans. Creditville prides itself on being a business which is based on integrity and is anchored in honesty and transparency.
In early 2020, Creditville was making very ambitious expansion plans. Then the COVID-19 pandemic hit, and the company was faced with a choice: to put its plans on hold, or to press forward. Mr. Richard Rotoye, Creditville’s Group Managing Director, recalls: “We decided to scale up our plans because we believed the lockdown would result in many lenders shutting down temporarily or exiting the market altogether. It was high risk, but we are in the business of taking risks. It paid off dramatically.”
“Instafin really helped our business grow”
In order to scale up, Creditville needed a robust, secure, scalable loan management platform which would grow as Creditville grew. “We talked to Oradian and chose their cloud-based Instafin system. If we had not taken that decision, we could not have scaled as fast as we did,” says Mr. Rotoye.
Crucially, Instafin gave Creditville the power to onboard new customers remotely. This was vital at a time when people were trying to minimise social contact. But it also made the process more efficient, and much faster. “Instafin really helped us in the areas of customer acquisition, customer evaluation, and reporting. It helped our business grow,” he says.
“In 2020 we grew by 320 per cent”
“The first impact Instafin had on our business was speed,” says Mr. Rotoye. “The processing time from loan application to disbursement was reduced by at least 80%.”
Instafin also delighted Creditville’s customers by giving them instant access to their balances and other information about their loan. “Before Instafin we had issues computing the principal, the interest to date, and other aspects of the loan history. Suddenly that became very, very easy,” says Mr. Rotoye. “We’ve gone from manually checking customer balances in 24 hours to giving customers the ability to check their own balances instantly – and apply for new loans or top up existing ones.”
Mr Rotoye says Instafin has improved customer acquisition and customer service. “It has also made it easier for us to scale our business,” he says. “In 2020 we grew by 320%.”
Instafin is helping Creditville to dominate the gap between the smaller finance institutions and the commercial banks. “Using mobile and digital technology, we are better to provide the same service as a commercial bank but faster and cheaper because we have lower overheads. And, of course, we offer the personal touch they often cannot,” he says.
Thanks to Instafin, customers can apply for loans and access their accounts from their own homes. Mr Rotoye says the next stage will be to use Instafin to instantly disburse loans electronically. The entire process from application to disbursement can then be done without the customer needing to call or visit one of the Creditville offices or meet with one of their loan officers.
Instafin also helps Creditville move towards its aim of becoming a lifestyle finance provider. “Instafin provides us with a core banking platform designed to integrate with third-party applications so there are no limits to what we can achieve,” says Mr Rotoye.