Nigerian startup, CDcare, is combining the elements of savings and loans to provide Africans with an online marketplace with zero interest.
Users will receive their shipment once half of the cost of the goods has been saved on a weekly or monthly basis, through an automated payment feature.
The payment continues until the commodity is fully paid for at zero interest.
According to Co-founder of CDcare, Oluwatobi Odukoya, the monthly payment of salary in Africa is a problem that does not allow the people buy items and pay in installments, as it exists in advanced countries.
“What exists are loan platforms that are either difficult to access or have very high-interest rates that people cannot usually afford to pay back. Many Africans have had to either settle for less, or buy substandard products because they can’t afford to pay one lump sum for things that they want,” Odukoya added.
The startup has been able to deliver over 1,000 items across 20 Nigerian states since it launched last year February.
There are plans by the startup to set up operations in Kenya and Ghana early next year.
