About Cashdrive Loans
CashDrive is a licensed technology-enabled financial services provider unlocking access to credit and driving insurance penetration in Nigeria and beyond, leveraging big data to provide individuals and businesses with alternative and supplemental sources of funding using liquid and moveable assets i.e. Cars, Cashflow as security.
Our secured lending products give individuals and businesses faster and easier access to the finance they need to take advantage of the abundant opportunities to create wealth in Nigeria.
Access to credit is crucial for economic growth and is the engine for private sector development. Specifically, developing and promoting non-traditional, alternative credit products fosters private enterprise productivity and promotes formalization and inclusion of the informal sector.
In Nigeria, credit penetration sits at an abysmal low 12.1% , while the SSA average is 47.9%. With a population of 200+ million people, only an average of 2.3 million Nigerians access loans annually largely driven by a dominance of loan products designed solely for salary earners and large corporates.
According to the World Bank, more than half of the private enterprises (firms) in emerging markets have no access to credit. This percentage is even higher and reaches up to 80 percent in the Middle East and Sub-Saharan Africa.
With our secured lending products, CashDrive customers benefit from the ability to complete the loan process online, get instant approval decisions and same day cash funding. Our proprietary technology platform delivers new financial products to the millions of consumers outside the formal financial system who are seeking financial solutions that suit their needs and lifestyle.