There’s a particular reason loan companies in Nigeria are comfortable giving out millions of naira to people they’ve never met, and once you understand how their business model works, you’ll begin to see the entire lending industry differently.
Think about it. OPay and other loan companies are practically begging people to borrow money. Meanwhile, some Nigerians owe three or four different loan apps at the same time. How do these companies calculate their risks? What happens when someone collects the money and disappears? And who exactly is making all the money in this equation?
The more you think about it, the more you realise that some of the biggest businesses in the world are built around things most people barely understand. There’s a lot happening behind the scenes, and sometimes the most obvious explanation isn’t necessarily the whole story.
Anyway, have you noticed that people who wear glasses always seem to know exactly where their glasses are, until the moment they actually need them? You can spend ten minutes searching the entire house, checking under your pillow, looking inside the fridge, and accusing everybody around you of moving your things.
Only for you to discover that the glasses have been sitting on your head the entire time. 😭
If everyone owes loan companies in Naija, how are they making their gain?🤔
Even Opay and co advertising for people to borrow, how are they sure people won’t abscond with their money?