Paylater is a unit of OneFi which started in 2011 as One Credit, which provided loans to middle class salary earners, using a paper-based application process that required supporting documentation. But that restricted the scope of the service in a country where more than 60% of working adults are in the informal sector and therefore are not paid documented monthly salaries or possessed formal documentation.
The introduction of a bank verification number (BVN) by Nigeria’s central bank in 2016 enabled young companies like One Credit to launch more flexible, digital lending services available to more people including Paylater. The BVN is the first true record of Nigerians employing biometric security and linking all back accounts owned by a single user.
“As we are pushing on with our web and digital platforms, we also want to reach out to a segment in the economy that is always talked about but not really catered to,” says Chijoke Dozie, who co-founded OneFi with his brother Ngozi.
Read More.. Source Quartz Africa