Trade Lenda, a Nigerian digital bank supporting Small and Medium-sized Enterprises (SMEs), has been selected as one of the top 10 semi-finalists in the Milken-Motsepe Prize in Financial Technology (FinTech).
This grants Trade Lenda the opportunity to compete for a $1 million grand prize which will help the startup further enhance its services and expand its impact across Africa, continually driving financial inclusion for SMEs.
Adeshina Adewumi, founder of Trade Lenda, said: “This is a validation of our work, our team’s commitment to driving inclusive access to finance for all SMEs in Africa regardless of their gender or background, starting with Nigeria.”
The Milken-Motsepe Prize in FinTech is a global competition that aims to accelerate financial inclusion and economic development. Trade Lenda will now participate in the Milken Institute Middle East and Africa Conference, which will be held in Abu Dhabi from December 5-8, 2024.
This event will enable the company to share its mission and achievements with global stakeholders committed to the development of Africa and other emerging markets.
Adeshina Adewumi also noted what the $1 million grand prize could mean for Trade Lenda: “The final, all things being equal, would see us compete for the grand prize of $1 million to enable us to accelerate our distribution channels, strengthen our people and technology, as well as give us an edge to negotiate lower rates for the SMEs we support across our markets.”
Trade Lenda offers a range of services designed to the needs of SMEs, including short-term loans, investment opportunities, and utility payment solutions.
The company’s loan application process is developed to be simple and accessible, requiring only a BVN number for a quick credit score assessment.
One of the company’s outstanding services is its diverse financing solutions for different sectors, including general merchandise commerce, fast-moving consumer goods (FMCG), clean energy projects, and agricultural commodities.
This focus on sector-specific support has earned Trade Lenda the trust of over 24,000 SMEs and merchants, with monthly disbursements exceeding ₦1 billion. The company’s financial products range from working capital financing and local purchase order financing to Islamic financing options like Murabaha and Musharakah.
Going further, Trade Lenda aims to continue its mission of driving financial inclusion for SMEs across Africa. The company’s long-term vision aligns with several United Nations Sustainable Development Goals, particularly those related to poverty alleviation, gender equality, and economic growth.
With this recent achievement in the Milken-Motsepe Prize competition, Trade Lenda aims to take its innovative solutions to the next level, potentially contributing to the creation of 1 million jobs across Africa by 2027.
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