Lagos, Nigeria – Monday, August 17, 2020: Leading consumer and SME finance company, Zedvance Finance Limited has revealed plans to empower small and medium-sized businesses with interest-free credit to catalyze their growth against the backdrop of the global economic downturn occasioned by the Covid-19 pandemic.
Driven by a need to create a support system for SMEs at this uncertain time, the company will be running a 3-week virtual campaign with the theme: “Keeping SMEs Alive”.

Speaking on the initiative, the Acting Chief Executive Officer, Zedvance Finance, Ever Obi said the objective of the initiative is to help SMEs stay afloat at this crucial time and to promote economic enterprise in line with the company’s Corporate Social Responsibility pillars.

“We understand the critical role loans play in helping SMEs looking to take their businesses to the forefront of the market. More importantly, we know that interest-free loans will allow them to accelerate growth by reducing the burden of loan interest payment.”

“Essentially, we are creating a support system for SMEs. Majority of our youth are budding entrepreneurs. While we provide ‘safe’ capital for them, we believe that some level of guidance on corporate and product strategy will also be invaluable. For this reason, we will be having five top entrepreneurs that will be speaking on different topics on entrepreneurship via our social media platform during the campaign”, he said.

“Essentially, we are creating a support system for SMEs. Majority of our youth are budding entrepreneurs. While we provide ‘safe’ capital for them, we believe that some level of guidance on corporate and product strategy will also be invaluable. For this reason, we will be having five top entrepreneurs that will be speaking on different topics on entrepreneurship via our social media platform during the campaign”, he said.

The first edition of the campaign will hold from August 18th – 31st, 2020.

Zedvance Finance Limited loans are accessible through a range of self-service digital channels including website – www.zedvance.com, mobile app – MoneyPal (available on Google Playstore) and phone call to the Customer Service Centre on 07001001000. Customers can access loans between N2,500 and N5,000,000 in minutes depending on their credit score.

SOURCE:https://brandspurng.com/2020/08/17/zedvance-unveils-keeping-smes-alive-campaign-offers-zero-interest-loans-to-small-businesses/

How does zero interest loan work? Does it mean a client pays back exactly what he borrowed without any interest or hidden charges? And if so how does the bank make it's money from such transaction?