SUBA Capital Promises Small Businesses, Farmers Access To Funds
By Abbas Badmus
TECHDIGEST – Nigerian financial solution startup, SUBA Capital says their digital application will solve the problem of financial exclusion of small scale farmers and businesses by giving them access to capital to encourage economic growth.
In an exclusive interview with TechDigest, founder/CEO of SUBA Capital App, Silas Ozoya, said the company is promoting financial inclusivity to enable small business owners and smallholder farmers access to working capital to fund their operations.
Ozoya explained that the SUBA Capital App will provide the platform for middle class Nigerians, at home and in the diaspora, to invest in profitable financial dealings, while also giving small business owners and farmers easy access to working capital.
“There are about 41.5 million small businesses and about 38 million financially excluded Nigerians, mostly smallholder farmers, as at the last Nigerian Bureau of Statistics (NBS) report.
“On the flip side, there are a lot of middle class Nigerians (about 41million people or 23% of Nigeria’s population) who can currently not afford to buy into traditional investment vehicles because they are high earned or high ticket.
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“So what we are doing is simply bringing together and managing demand and supply. Demand being business owners and smallholder farmers in need of working capital and supply being the middle class Nigerians willing to make between monthly micro investments”.
“This is why we at SUBA Capital have broken investing in these investment vehicles into micro investment plans to make them affordable to the average middle class Nigerian’’, he said.
He further explained that SUBA Capital would help subscribers imbibe the culture of saving to raise funds for investment in sustainable and profitable businesses to reduce poverty and bridge the divide among different social classes.
“With the help of SUBA Capital services, Nigerians will become more committed to putting some money aside monthly by investing in sustainable, profitable business and agricultural opportunities while providing capital for the business owners and smallholder farmers which translates to job creation, and the reduction of poverty and hunger.
“Being able to leverage technology to reach a much bigger market is a plus for the tech ecosystem, especially in finance, has become the go-to for the Nigerian middle class that is helping in bridging the gap between the different social classes.
TechDigest gathered that over 425 registered subscribers are currently linked to SUBA Capital services, while 10 businesses, and 58 smallholder farmers are helping them produce and trade close to 400 tons of food and indirectly impacting over 3000 people.
The SUBA Capital CEO called on Angel Investors and Venture Capitalists to invest in the startup, saying they are ready to partner with interested parties.
