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Building Trust in Fintech: The Journey of Hadi Finance
In Nigeria, the informal economy contributes a staggering 58% to the nation’s GDP, yet small businesses struggle to access essential credit. Addressing this issue, Hadi Finance has emerged as a game-changer, redefining trust in MSME lending. Bidemi Adebayo, co-founder of Hadi Finance, discovered that transforming cash flow access wasn't just about providing loans; it was about dismantling deep-rooted stigma associated with borrowing.
From Retail to Lending: A Critical Shift
Launched in 2022, Hadi Finance initially functioned as a retail distributor. Despite their innovative hub-based model intending to enhance accessibility, market dynamics exposed a harsh truth: price sensitivity trumped convenience. This revelation pivots Hadi Finance’s focus from merely distributing goods to facilitating capital access, marking a significant transformation in their approach.
Trust Issues: The Stigma of Loans
The core challenge for Hadi Finance has been overcoming the distrust linked with borrowing. Many borrowers fear shame and repercussions, associating loans with intimidation and insolvency rather than growth. Adebayo emphasizes that their first steps involved personalized engagement, proving that trust is built through human connections—not just technology.
The Human Touch: Strategies for Trust-Building
To foster trust, Hadi Finance prioritizes a “human touch” in their processes. The company acts quickly—dispatching field agents within 12 hours of a loan application. This approach includes visiting businesses, understanding their challenges, and providing tailored support. Instead of intimidating clients during defaults, they offer assistance and solutions. This model has cultivated a loyal customer base, with most new clients coming through referrals.
The Future of Hadi Finance: Expanding Horizons
As they continue to grow, Hadi Finance is exploring additional financial products such as invoice financing and support for business tools. Their goal remains consistent: to empower SMEs and build a sustainable financial network in Nigeria. Adebayo's vision is clear—provide capital, foster trust, and support growth. “For every small business we empower, we need to see like 2x, 3x the growth,” she states, aspiring to redefine the financial landscape for African entrepreneurs.
In a world where trust is often the scarcest resource, Hadi Finance is leveraging empathy as their strongest tool—showcasing how innovative, human-centric approaches can revolutionize lending practices across Africa.
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