Accion MFB, Justrites Stores Sign Credit Facility

Nume Ekeghe and Oluchi Chibuzor

Accion Microfinance Bank and Justrites Superstore, an e-commerce firm, have sign a buy now, pay later, 30 days window period deal.

The deal, which is expected to kickoff in December 2023, will see customers walk into any of the 23 stores of Justrites and pick any products of their choice if found credit worthy by Accion Microfinance Bank.

Speaking at the signing of Memorandum of Understanding (MoU) in Lagos, yesterday,  the Managing Director, Taiwo Joda, said the signing of the agreement provides needed fund for customers to have access to groceries and products that meet their aspirations.

He said the deal gives existing customers and new ones the financial capacity to walk in into any Justrites stores buy what they want and then pay later within a 30- day window.

According to him, “Is a credit wallet and we are going to carefully select who qualifies through algorithms developed by Accion MFB.”  

“So the original exposure for us will be up to N2 billion for the partnership, but the maximum that an individual can access is N100,000 for now.”

“We will look at individual customers’ financial history, capabilities and their willingness to pay. We will put all these together to form what we called a credit score.”

However, the buy now pay later deal, is expected to lead to other product development with the e-commerce firm as part of the agreement which has no timeline.

Equally, interested customers are expected to have an account with Accion MFB before they can access the loan facility.

On his side, the Chairman, Justrites Superstore, Dr. Ayodele Aderinwale, said the deal meets their preposition of business concept in providing services to their numerous customers.

“We are constantly looking at business partners that meet our values in a way that will not rob customers of their dignity through loan recovery. So this partnership provides us the opportunity to make Nigerians put food on their table without breaking the bank and at an affordable price,” he said.