One Credit

One Credit operates as a financial service company that enhances access to credit for individuals and small businesses in Nigeria, offering a range of loan products and financial management tools. One Credit provides financial solutions aimed at improving credit access and personal finance management. The company is based in Lagos, Nigeria, and was acquired by Kaizen Venture Partners in a deal dated June 1, 2011. The founder's details are not available.

One Credit offers a comprehensive suite of financial services, including instant personal and business loans ranging from ₦2,500 to ₦1,000,000, with no collateral required. Users can apply for loans around the clock, with funds credited instantly upon approval. The company also has a savings product that provides up to 20% interest on a 12-month fixed savings plan and offers a debit card, #PinkPassport, for convenient transactions. Targeting individuals and small business owners, One Credit's services aim to meet the needs of those often underserved by traditional banking systems.

One Credit generates revenue from interest on loans, with monthly rates between 4. 5% and 30%, dependent on client engagement and repayment history. For instance, a customer borrowing ₦1,000,000 at a 4. 5% monthly rate would repay a total of ₦1,540,000 over 12 months.

The company also earns from its savings products and benefits from transaction fees related to the #PinkPassport debit card, contributing to user engagement and business sustainability. Although specific future products have not been detailed, One Credit's strategy indicates potential expansion into additional markets or regions over the coming years. The proceeds from its latest funding round, associated with the acquisition by Kaizen Venture Partners in 2011, are anticipated to support the company's growth initiatives, enhancing its service offerings and geographic reach.