Trade Lenda, a Nigerian digital bank that focuses on supporting Small and Medium-sized Enterprises (SMEs), is one of the top 10 semi-finalists in the Milken-Motsepe Prize in Financial Technology (FinTech). This prestigious recognition means they can compete for the $1 million grand prize. This could significantly boost its services and expand its impact across Africa, fostering greater financial inclusion for SMEs.
Adeshina Adewumi, founder of Trade Lenda, expressed pride in the recognition: “This validates our work and our team’s dedication to making finance accessible to all SMEs in Africa, regardless of gender or background, starting from Nigeria.”
The Milken-Motsepe Prize in FinTech is a global competition designed to enhance financial inclusion and economic growth. As a semi-finalist, Trade Lenda will attend the Milken Institute Middle East and Africa Conference in Abu Dhabi, from December 5-8, 2024. Here, the company will showcase its mission to global stakeholders dedicated to advancing Africa and other emerging markets.
Adewumi also highlighted what winning the $1 million grand prize would mean for the start-up: “If successful, the funds will help us scale our distribution, improve our technology, and secure lower rates for the SMEs we serve across our markets.”
What Trade Lenda offers
Trade Lenda provides a suite of services tailored to the needs of SMEs, including short-term loans, investment opportunities, and utility payment solutions. Its loan application process is streamlined, requiring only a BVN number for a quick credit score evaluation.
It offers diverse financing options tailored to sectors such as general merchandise, fast-moving consumer goods (FMCG), clean energy projects, and agricultural commodities. This specialized support has earned the trust of over 24,000 SMEs and merchants. Furthermore, the company’s financial products range from working capital and local purchase order financing to Islamic finance solutions like Murabaha and Musharakah.
Looking forward, the start-up remains committed to advancing financial inclusion for SMEs across Africa. The company’s long-term goals align with key United Nations Sustainable Development Goals. These include poverty reduction, gender equality, and economic growth. With its recent success in the Milken-Motsepe Prize competition, Trade Lenda hopes to scale its innovative solutions further. This could potentially contribute to the creation of 1 million jobs in Africa by 2027.
