In July 2018, Aposhashamura launched its online Money Lending Operations. The loan service operations was initially designed to be accessed via its web application interface https://www.aposhashamura.com About 5 months later, the Android version of the Aposhashamura Loan mobile app was launched for download on Google Playstore. Within the first 3 months of its operations, Aposhashamura disbursed N100m in Mini Loans. Interestingly, the application queue for loan requests on our platform kept growing daily. The demand for loan from borrowers increased immensely within a short period, beyond the running capital available to service the requests of most qualified customers. Hence, the need for an effective strategy to relief the constant loan queue became inevitable. On this note, Aposhashamura keyed into another key area of impact of financial inclusion- Investment & birth another Loan Service called Corporate Network of Financiers, Investors and Lenders (CONETFIL) which is a Peer-to-Peer Lending Platform. The Peer-to-Peer Lending, also abbreviated, as P2P Lending, is the practice of lending money to individuals or businesses through online services that match Lenders with Borrowers. Peer-to-peer lending does not fit cleanly into any of the following traditional types of financial institutions deposit takers (commercial and Microfinance banks and insurers) and is sometimes categorized as an alternative financial service. CONETFIL is accessed through a web application interface (https://www.tenantportal.aposhashamura.com) called the Aposhashamura Tenant Board (ATB).
The Lenders, who are formally referred to as a "Tenant" on the Aposhashamura Tenant Board (ATB), are onboarded by yearly subscription under a Tenancy Agreement and are peered with specific numbers of loan request to be serviced on daily basis, based on a Tiering System differentiated by Volume of Trading Funds which attracts designated Number of Loans peered and monthly Trading Limits. Even though the ATB platform is still adopted an Early Access Program (EAP), the Platform has received many accolades for its innovation as another major disrupt in the Money Lending Space in Nigeria
CONETFIL is a product designed by Aposhashamura Finance Limited, owner of Aposhashamura® loan platform.
- It is an innovation that is developed for one of the Aposhashamura market segment category- The Sophisticated Opportunists (TSO)
- It is a sub-platform of the Aposhashamura Loan Platform, referred to as Aposhashamura Tenant Board (ATB). https://tenantportal.aposhashamura.com
- ATB is designed to host TSO as stakeholders on the Aposhashamura loan platform under a tenancy arrangement
This product was created;
- To provide an investment theme for TSO who are willing to participate in the loan service market but are not ready to undergo the technicality & the manageability of setting up & managing the day-to-day activities of a loan service platform
- To provide a platform where TSO can manage and grow their personal finance/wealth while they service the under-served loan service market
- To encourage TSO who are willing to promote financial inclusion have a quick start at granting Borrowers quick loans
CONETFIL is characterized by:
- A yearly subscription & subsequent yearly renewal
- A Tiering System
- Volume of Trading Funds
- Monthly trading limits
- Designated no. of loans to be serviced on daily basis
- A Tenancy Agreement backed up by a Memorandum of Understanding (MOU)
There are several combinations of facts that tell the Aposhashamura story…
Our journey in the FinTech space. The past times of our existence have seen both exciting & challenging moments; a journey with many mixed feelings. The challenging times, due to service delivery shortfall on our Peer-to-Peer lending platform, ATB, was as a result of a system glitch; posed mixed feelings about the continuity & sustainability of the Aposhashamura operations. However, the exciting times are characterized with great feedbacks of the viability of our ideas & the impact it has on two key areas of impact of financial inclusion- Money Lending & Investment Management; and has earned us some goodwill. Like most companies, we are also figuring out a lot of things as we move. Over the years, we have found out how to do this well, we are willing to share the lessons learnt, the mistakes learnt, and a comprehensive how-to on the Aposhashamura blog that other businesses may find useful.
Aposhashamura is now positioned to scaleup its business in tandem with the experience garnered over the past time of operations. We know what it takes to build an upscale web and mobile application interfaces that can provide excellent FinTech service . We have identified different targeted market segments. We understand Financial Technology and we are tactically positioning ourselves to build a conglomerate.
Clear understanding of the market need. In 2012, the CBN launched the Nigerian National Financial Inclusion Strategy (NFIS) and set the target to reduce the percentage of adult Nigerians excluded from access to financial services from 46.3% in 2010 to 20% by 2020. Under the new policies of financial inclusion, excluded Nigerian adults can now be included in Money Lending, Investment, Payments & Banking. Aposhashamura understands how to drive financial inclusion using modern day technology and its continuous improvement opportunities. The advent of technology in daily financial activities have provided varying adoption models and peculiarities in its engagement by various users. The FinTech buzz is ringing, and Aposhashamura have adopted or is adopting and testing multiple regulatory and adaptive business models in ensuring a sustainable environment for the ultimate growth of the financial services industry- a wider. economy.
Innovative Culture. Aposhashamura has evolved overtime, encountering challenges and surmounting them in the most innovative way possible. We strongly believe in constant innovation, and especially staying ahead of unforeseen challenges, planning and executing mostly disruptive ideas to keep business running smoothly.
Experienced Management Team. Our management team consist of carefully selected individuals with required experience in Information Technology (IT), Financial Management, Business Analysis, Customer Relationship & Crisis Management, Credit & Loans Management, Brand Management, Marketing & Sales.
User friendly Web & Mobile Application (Borrower's & Investor's Experience)
- Customer Experience
Our web portal and mobile application are user friendly; simple to use, fast, easy, secure, powerful and responsive. The site and mobile app are developed with tailor-made business processes that give our customers an amazing financial technology service experience on any device- phones, note pads, palm top, even desktop. The web and mobile App are fully secured against fraudsters & illegal entries. The company will continually develop the applications with improvement of its business processes from time to time
- Investors Experience
The Aposhashamura Tenant Board (ATB), https://tenanportal.aposhashamura.com, the P2P Lending Platform, is designed to exemplify seamless business process with simple, transparent, transactional processes.
- Customer Experience
Enabling Government Policies. CBN and NIBBS launched a regulatory sandbox for small companies titled 'Financial Industry Sandbox' to be coordinated & supervised by Financial Services Innovation Association of Nigeria. The purpose of the sandbox is to enable innovation by allowing for experimentation and rapid cycles of adjustments in a contained environment without full compliance with all regulations. Also, it is to empower small companies, which are referred to as start-ups, innovators, technology companies and young Nigerians that have great ideas engage in delivering Financial Technology Services in Money Lending, Investments, Payments & Banking; the key areas of impact of financial inclusion. Aposhashamura have adopted or is adopting and testing multiple regulatory and adaptive business models in ensuring a sustainable environment for the ultimate growth of the financial services industry- a wider economy.