Nigerian Fintech Firm Targets $1.1 Billion in Eastern Europe Loans
- Fast-growing economies picked for test of lending platform
- Lidya to offer loans to retailers, farmers, pharmaceuticals
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Lending platform Lidya is targeting Poland and the Czech Republic for expansion after providing thousands of loans in Nigeria, seeing an opportunity in the funding gaps facing small enterprises in fast-growing European economies.
The fintech company funded by venture capital entities such as Omidyar Network and Alitheia Capital plans to disburse 1 billion euros ($1.1 billion) within the next five years to small businesses unable to get bank loans, Ercin Eksin, co-founder of Lidya, said in a phone interview. The company will seek customers especially in the agriculture, pharmaceutical, and retail sectors.