SmallSmall, a property technology company, has introduced new mechanisms to encourage the adoption of installment payments across various industries in Nigeria. This announcement was made by the company’s CEO, Tunde Balogun, in a statement released on Thursday in Lagos.
Balogun underscored the need for businesses to embrace installment payments to foster sustainable growth and provide relief for the Nigerian middle class, whose purchasing power is being eroded by inflation.
“Nigeria has relied on a cash-based economy for decades, but this model is now outdated and detrimental to our economy,” Balogun stated. “The demand for cash payments has led to numerous societal issues, including greed and corruption.”
He added, “In Nigeria, there is pride in making cash payments, but during economic hardships like the current one, people retreat and struggle quietly. Why not adopt sustainable consumption models that promote an inclusive economy for everyone, ultimately expanding our market size and GDP as a nation?”
Balogun highlighted SmallSmall’s innovative products, RentSmallSmall and BuySmallSmall, which have revolutionised the way Nigerians rent and purchase properties. He emphasised the importance of having a proper structure to track customers’ repayment history and integrate this data into a central credit bureau system, thereby developing a comprehensive credit database showing citizens’ credit history and creditworthiness.
To further promote installment payments, SmallSmall will host the first-ever Installment Payment Fair in Nigeria. The event, scheduled for August 17 in Lagos, will showcase the transformative potential of installment payment solutions across various industries. It will provide a platform for hundreds of companies offering installment payments to meet and sell directly to over 5,000 creditworthy consumers.
Balogun concluded by emphasising the significance of the middle class in ensuring economic progress and the future of the country.
Credit: NAN (Text Excluding Headline)
