Overview
Lidya is unlocking credit for Africans by providing financial institutions with the most effective tools to streamline their loan processes. The platform serves as a digital lending infrastructure that connects borrowers with multiple lenders across Africa. Lidya has digitized and analyzed over US$50 billion worth of credit application data from 100,000 customers, issued approximately 32,500 loans, and powered close to $150 million in loan disbursements.
The platform primarily targets small and medium enterprises (SMEs) and individual entrepreneurs across Nigeria, Kenya, and other African markets, offering unsecured business loans through a streamlined digital application process.
Key Features
Multi-Lender Marketplace
Access to multiple lending partners through one application
No Collateral Required
Unsecured loans based on business performance and creditworthiness
Quick Approval Process
Response within 48 hours
Digital Application
Fully online loan application and management system
Business Analytics
Credit scoring based on business data analysis
Mobile App Integration
Seamless mobile application experience
Pros & Cons
Advantages
- Fast approval process (48 hours)
- No collateral requirements
- Multiple lender options
- 99% repayment rate track record
- Strong business analytics
Limitations
- High interest rates reported by users
- Daily repayment structure
- Limited geographic coverage
- Mixed customer reviews
Security Features
Data Encryption: Platform is safe and secure and protects data from security breaches
Regulatory Compliance: Operates under local financial regulations in target markets
Secure Infrastructure: Uses cloud-based security protocols for data protection
Identity Verification: Multi-step verification process for loan applications
Transaction Security: Encrypted payment processing systems
Pricing & Fees
| Service | Fee | Details |
|---|---|---|
| Business Loans | 2.5% - 15% monthly | Rate varies based on creditworthiness and loan term |
| Processing Fee | 1% - 3% | One-time fee upon loan approval |
| Late Payment Fee | 5% - 10% | Charged for missed payment deadlines |
| Bill Payments | Platform Access | Free |
Getting Started
Detailed Ratings
Final Verdict
Lidya provides a secure and flexible credit infrastructure so lenders can lend with confidence. While the platform offers valuable access to business financing for African SMEs with strong analytics and quick processing, high interest rates and daily repayment structures may challenge some borrowers. The platform’s track record and multi-lender approach make it suitable for established businesses seeking growth capital.