CreditDirect unveils digital ‘Buy Now Pay Later’ solution, others

Finance company Credit Direct has launched a fully digital, end-to-end Buy Now Pay Later solution and other products, marking the company’s strategic evolution beyond lending into retail investments and payments serving both individuals and businesses.

The suite of digital products was launched at an exclusive Product Demo Day in Lagos on Saturday.

Credit Direct is the fintech arm of the FCMB Group, offering lending and fund management to individuals and businesses. Licensed by the Central Bank of Nigeria, it has served millions of customers nationwide since 2007.

Speaking at the launch, the Managing Director/Chief Executive Officer of Credit Direct, Chukwuma Nwanze, said, “Our products are designed to support individuals and support businesses. This we do in helping them, and we help them achieve their aspirations every day. Anytime we offer access to credit and access to payments, we enable people to grow well by the investment products we offer, and we do this with an embedded finance philosophy. This model of ours is sustainable and scalable, and we are very disciplined.

“I tell you; we have built easily the most capital-efficient financial services business in Nigeria over the years. We’ve done out over billions in profits. Our return on equity is north of 80 per cent. In addition to that, we have one of the lowest non-performing loan ratios in the industry.”

On the Buy Now, Pay Later solution, Checkout, the head of Embedded Finance at Credit Direct, Faith Ojeiku, said, “We are setting a seamless credit experience. Credit Direct Checkout is more than a payment option; it is an embedded finance solution to N1m in credit. We give this money at the point of shopping. It is woven into how they already shop, so customers don’t need to leave where they are shopping today.

“This isn’t about customers’ convenience; it is also about creating measurable value for merchants and driving long-term sustainability.”

The firm revealed that it is targeting N500bn in sales over five years by supporting 200,000 MSMEs and impacting five million customers via this solution.

Other digital products launched include Yield by Credit Direct, a fund management platform offering up to 21 per cent annual returns designed to democratise wealth-building, and the Credit Direct Mobile App, which is a single, integrated platform offering customers access to payments, credit, transfers, and wealth-building tools all in one solution. The firm is targeting one million downloads within year one, positioning the app as a key driver for financial inclusion.