Nigerian mobile app Treestack has launched to enable students to access small loans with zero percent interest.
Launched in February 2019 by Salaudeen Abdulrahman, Treestack gives students the opportunity to borrow cash with a zero percent interest rate with a primary condition that the student will handle all transaction charges attached to all 3rd party services on Treestack.
The platform aims to be like a friend from whom you can borrow funds from and pay back the exact amount after a promised period of time. According to Abdulrahman, the platform is built for students and it is easy to use with Zero percent interest charged on loans.
In a brief chat with Innovation Village, He said, “Treestack was built specifically for students with a zero percent interest rate. I believe students shouldn’t be billed sane way as working class.”
He also explained that studies have shown that a lot of students face personal financial problems and most of these students resort to loans for sustenance in addition to the stipends gotten from their sponsors (if they have one).
Most loans out there include a percentage interest rate which increases the total amount to be returned to the lender after a given period of time. Because this interest rate can be huge for students at times, the need to take students out of the interest rate bucket was felt, hence the release of Treestack.
Treestack also believes that financial worry should not be a factor affecting the performance of students in academics. Hence, the product is on a mission to gradually eliminate this negative factor.
Speaking on traction, he said, “it just launched. So not much traction yet but we have gotten up to 20 successful and complete transactions.”
To get started users can download the app on playstore, register with their email addresses and phone numbers. Also, users need to add Identity card details, bank details, and BVN for the borrowing page to pop up. Users are also expected to pay back after 7 days of a completed transaction.
