A Nigerian startup has developed an online platform that allows its customers to buy appliances and make payment weekly or monthly.
Besides the flexible payment option, the startup offers its customers this grand opportunity with no interest – how fascinating.
On the online marketplace, CDcare combines savings and loans to allow users of the service to pay a specific amount – either weekly or monthly – towards purchasing an appliance.
When a user saves up to half of the amount of the appliance, the item is shipped. And the automatic payments continue until full payment is made.
CDcare started operations in February 2020. And it was co-founded by Oluwatobi Odukoya and Farohun Ayodeji.
So far, the startup has shipped over 1,000 appliances across 20 Nigerian states since it started operation.
‘’Deji and I were classmates at the university. Our friendship began when he patronized the loan-a-laptop scheme that I created at the university. He later became operations manager of the scheme,’’ said Odukoya.
‘’Together, we built Computer Doctor – the first mobile computer repair workshop in Africa. Within two years, we fixed over 10,000 units of computers for firms and individuals across Nigeria.’’
‘’Some of the firms we’ve worked with include Cowrywise, Paystack, Aella Credit, and Flutterwave,’’ he added.
The pair are now committed to solving a significant problem in the country by joining elements of savings and lending platforms.
‘’In Africa, the majority of the people get paid monthly. And there is no way for Africans to make payments for purchases in instalments as it is in other countries,’’ said Odukoya.
‘’We only have lending platforms that are either difficult to access or have high-interest rates. This problem has pushed many Africans to settle for less or buy substandard products because they can’t afford to pay a large sum at once for what they desire.’’
Hence, the duo came up with CDcare – a payment plan that allows the buyer to save half and get a loan for the other half at zero interest.
‘’We make a profit of at least 10% of the total cost of each item delivered on CDcare,’’ Odukoya concluded.