Nigerian Fintech Hits 99% Loan Repayment Rate

Getting a business loan in Nigeria has always felt like an impossible puzzle for small companies. Banks demand mountains of paperwork and physical collateral that most entrepreneurs simply don't have, leaving hundreds of thousands of businesses stuck without the capital they need to grow.

Nomba, a Nigerian fintech company, decided to flip the script. Over 18 months, the company partnered with Globus Bank to lend ₦21.3 billion (roughly $48 million) to businesses across retail, hospitality, oil and gas, and professional services.

The results? A stunning 99% repayment rate, with non-performing loans staying below 1%.

"The Nigerian credit conversation has been captured by one question: how much have you deployed?" says Yinka Adewale, Nomba's CEO. "That is the wrong question. The right question is how much has come back and why."

Instead of demanding audited financial statements that small businesses rarely have, Nomba evaluates creditworthiness using real-time payment data from transactions already flowing through its platform. It's information the company can see directly, giving them a live window into how businesses actually operate day to day.

The collateral requirements are equally creative. Businesses can put down 30% of the loan amount in cash, or they can offer alternatives like stocks, stablecoins, equity stakes, or even vehicles.

Nomba keeps its lending conservative by design. The average loan is just 1% of a business's annual revenue, and the company focuses on established businesses generating around $1 million yearly or those clearly headed in that direction.

The Ripple Effect

What makes this story bigger than just good numbers is what it unlocks. Credit isn't a luxury for small businesses. It's oxygen. It means being able to buy inventory, hire staff, and seize opportunities that would otherwise slip away.

Nomba currently serves over 600,000 businesses in Nigeria, but its credit model caps lending at 20,000 companies with enough structure to manage debt responsibly. Now the company plans to grow its loan book to ₦500 billion by partnering with commercial banks and development finance institutions, prioritizing high-impact sectors like logistics, manufacturing, and healthcare.

The real innovation here isn't just the technology. It's proving that when you meet businesses where they are and measure what matters, trust becomes possible.

Small businesses across Nigeria are getting their shot at growth, one smart loan at a time.