NOLT Finance gets operating licence from CBN

NOLT Finance has secured an operating licence from the Central Bank of Nigeria (CBN) to enable it provide investment and loan services to SMEs, corporate organizations and individuals across Nigeria.

The accreditation by CBN provides legibility and credibility for NOLT Finance as a brand, said Babatunde Dada, the fintech start-up’s CEO. Also, it enables the brand to explore multiple sources of funding because CBN has a lot of schemes to make finance accessible to different segments of the economy, which the company will be benefiting from, he said.

NOLT Finance as a disruptor in the social impact banking space offers services such as working capital loan, asset finance and salary earners loan, said Dada.

According to Dada, NOLT Finance has two arms consisting of the investment and the lending arm as stipulated by the CBN regulations.

The lending arm lends a maximum of N20 million and a minimum of N100,000 for SMEs while personal loan will be N5 million maximum.

The fintech start-up has other loan options including Annuitant Loans (for retirees), Invoice Financing, Auto Financing and Securities Lending.

The investment arm of the company offers a N100,000 start-up services to both retail and corporate customers within a period of 12 months, a rate Dada described as “quite competitive and above inflation”.

NOLT Finance previously dealt only in the investment side of finance, but Dada observed a massive opportunity gap on the lending part of financing and leveraged on it.

“So it’s a case of timing, technology and having the right partners onboard. We’ve got lawyers, tech experts and experienced accountants to provide the best service in this market,” Dada said.

He said that NOLT Finance services are technology-driven, adding that the company is equipped with the expertise and personnel to deliver prompt financial services which are now needed more than ever across the country.