RedCloud, a global technology firm, has partnered with Trade Lenda, a financial service provider in Nigeria, to bolster the financial agility of Micro Small Medium Enterprise retailers in the country.
Trade Lenda’s innovative technology has proven to achieve credit underwriting within six hours, which is four times more efficient than other service providers in the market, according to a statement.
“This partnership will seamlessly integrate Trade Lenda’s swift lending services within RedCloud’s intelligent open commerce platform, the Red101® web and mobile app which is currently available on the Google Play Store,” the statement said.
It said the collaboration will revolutionize credit accessibility for the thousands of distributors and merchants on RedCloud’s intelligent open commerce platform, allowing them to secure working capital at competitive rates based on their trading history and Know Your Customer Documentation, which will be used for credit scoring.
According to Head of Product Africa at RedCloud, Adeyemi Ogunyemi, the partnership with Trade Lenda aligns perfectly with the company’s mission to equip its customers with the necessary tools for success.
“It will significantly streamline the credit acquisition process, allowing our merchants to expand and thrive in today’s competitive market. We are empowering our distributors and merchants on RED101 to grow their purchasing capacities, stock more products and increase their profit margins,” he said.
Chief Operating Officer at Trade Lenda, Oyindamola Olaniyan said the importance of the partnership and Trade Lenda’s commitment is to provide accessible credit to Small and Medium Scale Enterprises (SMEs) to help them scale.
“Our collaboration with RedCloud signifies more than a partnership. It is a powerful commitment to empower SMEs. Through Trade Lenda’s steadfast dedication to providing accessible credit and RedCloud’s innovative open commerce platform, we are not just supporting business growth; we are catalyzing opportunities for retailers to scale their businesses and significantly enhance their revenue.
