How Nigerian Firm, Andray Finance, is Redefining Loan Access for Nigerians Left Out by Banks
In Nigeria, access to affordable credit has long been a stumbling block for individuals and small businesses striving to grow.
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But a new player, Andray Finance Limited, is changing the narrative.
Founded in 2022 and headquartered at Cardinal Place, Victoria Island, Oniru, Lagos, the digital-first institution is rapidly positioning itself as a game-changer in loan financing—particularly for those historically excluded from traditional banks.
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A Mission to democratise finance
At the core of Andray Finance’s strategy is a simple but powerful mission: to make loans accessible, transparent, and affordable for everyday Nigerians. From market women in Mushin to early-stage tech founders in Yaba, the company’s products are designed to meet diverse financial needs.
“We believe everyone deserves access to financial support that aligns with their aspirations,” said Okoye Samantha, a leading voice at Andray Finance. “Our goal is to be a catalyst for economic empowerment."
Digital innovation, human-centred design
Andray Finance’s operations lean heavily on technology. Its mobile-first platform allows users to apply for loans, check approval status, and manage repayments directly from their smartphones.
This innovation has proven particularly effective in reaching informal traders, rural farmers, and low-income earners who are often locked out of mainstream credit systems.
Tailored products for real needs
The company’s loan portfolio reflects Nigeria’s diverse economy and the financial realities of underserved communities. Products include:
- PayDay Loans and Salary Advances with flexible repayment terms
- Vocational and Educational Loans with interest rates as low as 1%
- Agricultural Financing aligned with seasonal cycles, offering up to ₦3 million for smallholder farmers
- SME and Asset Financing to help entrepreneurs expand their businesses
Building trust through transparency
In an industry often plagued by hidden fees and exploitative terms, Andray Finance has taken a different route. The company prides itself on clear loan agreements, straightforward repayment schedules, and zero hidden charges.
“We’re not just offering loans—we’re offering dignity,” said Bayowa Fredrick Borokini, Founder and Chairman of Andray Finance. “Our clients know exactly what they’re signing up for, and they trust us to walk the journey with them.”
Impact beyond numbers
Since its inception, Andray Finance has disbursed thousands of loans nationwide, expanding its footprint into underserved regions.
Its agricultural lending programme has already boosted productivity in key farming communities, supporting food security and livelihoods.
Industry experts say such interventions are vital as Nigeria battles inflation, food shortages, and limited access to bank financing.
By combining empathy with technology, Andray Finance is offering more than credit—it is providing hope and resilience.
Looking ahead
As Nigeria pushes toward greater financial inclusion, Andray Finance is carving out a reputation as one of the sector’s boldest innovators.
With its focus on transparency, customer trust, and digital-first solutions, the company is steadily reshaping loan access for millions of Nigerians.
FG approves over 100 new loan apps
Legit.ng earlier reported that the federal government, through the Federal Competition and Consumer Protection Commission (FCCPC), has approved over 100 new loan applications in the past 12 months.
Checks by Legit.ng on the FCCPC website showed that there are a total of 322 fully approved loan apps in Nigeria as of Wednesday, February 19, while those with conditional approvals were 42.
The new number of loan apps represents an increase of 111 compared to the 211 approved as of January 2024, while those with conditional approvals were 40.
Source: Legit.ng
