Nigeria’s CDcare launches its Buy-Now Pay-Later Platform
Nigeria’s tech startup CDcare has developed an online marketplace that lets users buy appliances and pay in monthly or weekly installments at zero interest.
CDcare consolidates investment funds and loans in its commercial center, permitting clients to make monthly or weekly installments towards purchasing a commodity. When up to half of the cost of the commodity has been saved, it is transported to the customer’s location, and the programmed installments proceed until full installment is made.
The self-funded startup that is currently attempting to raise a funding round has delivered more than 1,000 items across 20 Nigerian states since it was dispatched in February 2020 by Ayodeji Farohun and Oluwatobi Odukoya.
Presently, the pair is putting forth a concentrated effort to CDcare, and Ayodeji speaking on the startup said that they have recognized a huge issue that can be fixed by consolidating components of investment funds and loans.
Odukoya speaking on the startup said that paying for products in installments in Nigeria has been difficult for Nigerians with monthly salary payments making it even more difficult for suppliers to give out commodities for installment payments, and this is a gap that CDcare has come to bridge. Odukoya believes, with people in the past have resorted to high-interest buying schemes, interest-charging loans, or simply waiting until they have saved the full price of the item, Odukoya believes that the idea of CDcare is entirely new.
He said “What exists are loan platforms that are either difficult to access or have very high-interest rates that people cannot usually afford to pay back. Many Africans have had to either settle for less or buy substandard products because they can’t afford to pay one lump sum for things that they want.
“I built our MVP within two weeks. Having sold gadgets and appliances for many years in Nigeria, it wasn’t hard to get the major distributors of appliances in Nigeria to partner with us.
“We make a profit of at least 10 percent of the total cost of every item delivered on CDcare. Since we only loan our users half of the item’s value, we make an interest of 20 percent on our capital” Odukoya said.
The startup has plans to launch its operations in Ghana and Kenya by 2022.