Zitra Investments Expands Credit Access for SMEs in Nigeria

Zitra Investments, marking its sixth anniversary, is committed to closing the financial inclusion gap in Nigeria and improving access to credit for Small and Medium Enterprises (SMEs). CEO Mr. Babatunde Obadero announced at a press conference in Lagos that the company has disbursed 300,000 loans totaling N30 billion and has 200,000 customers on its digital platforms.

He emphasized the importance of SMEs in Nigeria's commerce and stated that Zitra has built a financial services ecosystem to meet customer needs. The company holds a banking license and a Securities & Exchange Commission (SEC) issued asset management license, along with a payment company called Zitra Pay.

Co-founder Mr. Femi Okuyelu noted that financial inclusion in Nigeria is at 79%, with 21 million adults still excluded. He highlighted the challenges of low credit penetration, attributing it to lack of collateral and credit history.

Zitra's model aims to assist informal sector customers by monitoring cash flow and facilitating access to credit.