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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

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

Palmcredit NG — frequently asked

Who provides Palmcredit NG's lending?

Palmcredit NG's lending and capital products are provided by Palmcredit (in-house).

Where is Palmcredit NG headquartered?

Palmcredit NG is founded in 2017 and headquartered in Lagos Mainland, Lagos, Nigeria.

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