What is a smart credit? And what is a loan? If a bank offers you a loan of N2 million and a credit card of N2 million at the same interest rate, which one is better?
Sure – the credit is not typically available in Nigeria because it is better. The problem with a bank loan is that on the day the agreement is executed, you start paying, whether the funds have been deployed or not. But on a credit card, you only begin to pay when you use it, and if you do pay back the balances at the end of the month, you may not have extra bills. For a loan, that is not possible.
Of course, a credit card has its own challenges since it can compound the interests (some bank loans do also). Today, at Tekedia Mini-MBA, a startup which is driving a credit economy in Nigeria, focusing on companies, will be teaching. He is not coming to give anyone credit! But you will credit him for the knowledge you will go home with because CREDIT is important in any business and economy. Abeeb Ogunsola of Evea will educate on how to grow a business with smart credits.
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