Originally from African American News/Howard Sherman
LAGOS, NIGERIA, December 23, 2022 /EINPresswire.com/ — Aladdin is pleased to announce it is now seeking investors for its digital banking ecosystem for Nigerian entrepreneurs, individuals and small business owners.
For a minimum investment of $100, investors will be supporting a digital bank that reported more than 80,000 monthly active users in July 2022 and helped facilitate the disbursement of more than $5 million of loans since its inception in September 2020. Additionally, Aladdin reported more than $280,000 in revenue through the third quarter of 2022, outpacing its revenues from 2021 and making 2022 a record year for the company.
To facilitate the company’s growth, Aladdin has partnered with Purple Money Microfinance (PMM), which provides the banking infrastructure, including a lending facility the company uses to issue loans. PMM provides the core infrastructure of Aladdin’s saving and lending services by enabling its customers to deposit money in dedicated savings accounts and receive short-term loans.
According to the International Monetary Fund, mobile money solutions in Africa have underpinned a radical change in Africa, leading it to be one of the global leaders in mobile money innovation, adoption and usage, with 40 out of 45 sub-Saharan African nations using the technology. Specifically, the e-payment market is estimated to grow to roughly $40 billion in revenues by 2025, which will likely “depend on the infrastructure readiness, e-commerce penetration, mobile-money penetration and regulation, among others, in each market,” according to a report by McKinsey.
“Aladdin seeks to meet Africa’s growing need for digital payments and lending infrastructure with its ecosystem of financial products and services,” said co-founder and CEO Darlington Onyeagoro. “By partnering with financial institutions that provide Aladdin with the digital infrastructure needed to meet its customers’ needs, Aladdin aims to provide savings accounts, lending services, e-payment solutions and a marketplace for users to buy and sell any product.”