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Business Insider
22-05-2025
- Business
- Business Insider
Seeds & Pennies secures $1.1 million in strategic funding to scale retail lending, empower women across Nigeria, and launch disruptive BNPL offerings
Seeds & Pennies, the retail lending subsidiary of Liberty Assured, has announced the successful raise of $1.1 million (N1.7 billion) in debt funding. This capital injection fuels the company's mission of delivering inclusive credit to underserved Nigerians—especially women-led microbusinesses—and introduces new Buy Now, Pay Later (BNPL) products focused on asset acquisitions for MSMEs, mobile device financing, and a 'Rent Now, Pay Later' service in pilot phase. The funding round, capped by a recent $425,000 (N680 million) inflow, underscores investors' confidence in Seeds & Pennies' field-driven lending model. Over this quarter alone, the fast-growing lender recorded $625,000 (N1 billion) in collections and disbursed $500,000 (N800 million) in new loans. 'This is more than just a funding milestone—it's validation that community-first, inclusive financial systems can thrive at scale,' said Otimeyin Igbene, Founder of Liberty Assured. 'We've spent years refining a model that genuinely works for the people who need credit the most, and we're proud to be building on the backs of strong women, underpinned by data-driven decisions.' Currently operating 40 branches across Lagos with a 300-strong workforce—80% of whom are women, Seeds & Pennies is set to reach 50 branches within Lagos before expanding to 50 more branches across key Nigerian states by the end of 2026. 'At the heart of Seeds & Pennies is a powerful women-empowering-women ecosystem,' noted Nosiru Sonoiki, Chief Operating Officer of Liberty Assured. 'Our field agents—mostly women—are not just lending money. They're changing lives, driving growth, and creating ripple effects in communities. With our upcoming BNPL products and 'Rent Now, Pay Later' service, we're broadening access to essential resources like assets, mobile devices, and even monthly rent payments.' The newly secured funds—60% from a lead institutional investor and the remainder from a consortium of private debt investors—will be deployed to expand lending capacity, strengthen underwriting systems, scale AI-driven collections technology, and deepen Seeds & Pennies' community footprint across Nigeria. 'This funding supercharges our expansion strategy and product roadmap,' explained Damilola Afolayan, General Manager at Seeds & Pennies. 'We're not just growing for growth's sake; we're investing in people, infrastructure, and intelligence. This includes our new BNPL offerings for MSMEs, mobile device acquisition programs to deepen digital adoption, and our pilot 'Rent Now, Pay Later' product. Our goal is to make access to credit—and now essential services—as simple and reliable as the market women we serve deserve.' With its grassroots approach—leveraging field intelligence, behavioral underwriting, and trust-based servicing—Seeds & Pennies stands at the intersection of fintech innovation and human connection. As it prepares to enter new markets and broaden its impact, this funding marks a new chapter rooted in growth, inclusion, and the conviction that, when done right, credit can reshape lives and communities for the better.
Zawya
03-03-2025
- Business
- Zawya
Nigeria: Short-term interest rates to trend low on over $2bln expected liquidity inflows
Nigeria's financial markets are poised for a significant influx of liquidity, with over N3 trillion expected to flood the system in the short term. This substantial liquidity injection is anticipated to have a profound impact on short-term interest rates, which are likely to trend lower as a result. The impending liquidity surge, driven by factors such as maturing treasury bills and bond repayments, is expected to increase the amount of money available for lending, thereby exerting downward pressure on short-term interest rates. Dealers from Cowry Assets Management Limited in a note to investors observed that given these conditions, short-term interest rates are likely to remain under pressure, with investors closely monitoring developments in the fixed-income space for strategic positioning. 'Looking ahead, we anticipate a further decline in money market rates in the coming week as liquidity inflows continue to shape market dynamics. Another tranche of N1.7 trillion from FAAC allocations is expected to permeate the financial system, sustaining the current liquidity uptrend. Additionally, maturities worth N50 billion from Open Market Operation (OMO) bills and N1.27 trillion from Treasury Bills will enter the market, further bolstering liquidity levels, ' Cowry Assets Management stated. Meanwhile, the Nigerian money market witnessed a significant increase in liquidity last week following a substantial inflow of N1.7 trillion from the Federation Account Allocation Committee (FAAC). This excess liquidity led to a sharp decline in the Nigerian Interbank Offered Rate (NIBOR) across all tenors, reflecting reduced funding pressures among financial institutions. Industry participants observed that the Overnight NIBOR saw the steepest drop, plunging by 438 basis points to settle at 28.54 percent. Similarly, the one-month, three-month, and six-month NIBOR rates declined by 17 basis points, 36 basis points, and 84 basis points, respectively, highlighting the impact of the liquidity surplus in the interbank market. The decline in market rates according to dealers, was also evident in the broader money market, as both the Overnight (OVN) rate and the Open Buy Back (OPR) rate moderated, closing the week at 26.75 percent and 27.33 percent, respectively. This occurred despite the Debt Management Office (DMO) settling N910.4 billion worth of Federal Government bonds, which temporarily absorbed some liquidity from the financial system. In the Nigerian Treasury Bills (NTB) market, the Nigerian Interbank Treasury Bills True Yield (NITTY) declined across most tenors,exceptf the one-month NITTY, which rose by 21 basis points. This suggests that investors are shifting focus towards short-term securities, likely in response to prevailing money market conditions and expectations of further liquidity inflows. Meanwhile, the three-month, six-month, and twelve-month NITTY rates trended lower as market participants exited the secondary market in anticipation of an upcoming robust Primary Market Auction (PMA) for Treasury Bills this week. The secondary Treasury Bills market saw a moderate bullish sentiment, as the average yield declined by 35 basis points week-on-week. This downward movement in yields was largely driven by increased demand across various maturities, as investors sought to lock in favourable rates ahead of the expected liquidity surge. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
