Palmcredit NG
“Can automated smartphone-based micro-lending scale profitably to Nigeria's underbanked consumer base?”
Founded2017
HQLagos Mainland, Lagos, Nigeria
IndustryFintech / Lending
The story
Palmcredit is a Nigerian digital lending app operated by Newedge Finance Limited, founded in 2017. It offers uncollateralized short-term consumer loans (₦10,000 – ₦300,000+) via an Android/iOS app, using BVN and automated credit scoring for underwriting. The business is a mono-line consumer lender rather than a diversified embedded finance platform.
Last 12 months
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Product timeline
2017
Palmcredit launched as a mobile lending app operated by Newedge Finance Limited in Nigeria.· lending
Regulated entities
1
regulatory licence held by Palmcredit NG
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
1 layer disclosed in Palmcredit NG’s embedded-finance stack
Lending
Palmcredit (in-house)Palmcredit instant personal loan (₦10,000 – ₦300,000)91–365 day repayment tenorAPR 24%–36% (monthly interest ~3%)
Accounting gap: none