Mobile app Paylater reaches one million downloads

Paylater AppMobile apps such as Paylater are a revolutionary way to help develop the economy of a country. (Image source: Erik (HASH) Hersman/Flickr)Paylater, the mobile app which provides access to credit to its customers, has announced to reach one million downloads on Google Play Store

Chijioke Dozie, co-founder and CEO of Paylater, said, “We are very excited by the market adoption of Paylater and we believe there is still a significant growth opportunity ahead for digital financial services.”

The company has also provided loan of more than US$17mn to its Nigerian customers so far in 2018.

Paylater provides loan to its customers digitally. Hence, the company does not meet or speak to the customers directly. According to the company, the customers get loan easily without the need of any paperwork.

Earlier, physical branches of the banks used to take large capital from the customers in order to provide loan. With the help of Paylater app, it has now become easy for the customers to apply for a loan.

Nigeria has population of around 200mn people out of which 61 per cent of the adult population is either unbanked or underbanked. Apps such as Paylater can prove to be a boon to the citizens of Nigeria as there will be liquidity for entrepreneurial investment.

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