The Milken-Motsepe Prize in Financial Technology (FinTech) has chosen Trade Lenda, a Nigerian digital bank that supports small and medium-sized enterprises (SMEs), as one of the top 10 semi-finalists.
This gives Trade Lenda the chance to compete for a $1 million grand prize, which will enable the startup to improve its offerings and broaden its influence throughout Africa, thereby advancing financial inclusion for SMEs.
Trade Lenda’s Founder, Adeshina Adewumi, 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.”
A worldwide competition, the Milken-Motsepe Prize in FinTech seeks to expedite financial inclusion and economic growth. Trade Lenda will now take part in the Middle East and Africa Conference of the Milken Institute, scheduled for December 5–8, 2024, in Abu Dhabi. The company will be able to share its goals and accomplishments with international partners who are dedicated to the growth of emerging markets like Africa at this event.
Adeshina Adewumi also mentioned Trade Lenda’s potential implications for the $1 million grand prize. He said: “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.”
To meet the needs of SMEs, Trade Lenda provides a variety of services, such as short-term loans, investment opportunities, and utility payment options. The organization has designed a loan application method that is easy to use and straightforward, requiring simply a BVN number to obtain a quick credit score evaluation.
Its broad financing options for various industries, such as general merchandise commerce, fast-moving consumer goods (FMCG), clean energy projects, and agricultural commodities, are among the company’s exceptional services, BrandSpur business, and economy news reports.
With monthly disbursements reaching ₦1 billion, Trade Lenda has gained the trust of over 24,000 SMEs and merchants thanks to its focus on sector-specific help. The financial solutions offered by the company include Islamic financing options such as Murabaha and Musharakah, as well as local purchase order financing and working capital finance.
Furthermore, Trade Lenda wants to keep advancing financial inclusion for African SMEs as part of its purpose. The company’s long-term goals are in line with several SDGs, including those that deal with eradicating poverty, promoting gender equality, and spurring economic growth. With its latest victory in the Milken-Motsepe Prize competition, Trade Lenda hopes to advance its creative solutions and possibly help create one million jobs in Africa by 2027.
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