Fintech firm moves to tackle predatory lending with new platform – targets financial inclusion for underserved communities

On April 23, 2026, a Nigerian fintech company called Andray Finance launched a mobile lending application on both Google Play Store and Apple App Store. Their mission? To fight back against the predatory "loan sharks" that have been exploiting Nigerians .

What Makes This Different?

The company's founder, Mr. Bayowa Fredrick Borokini, said something important: "For too long, the digital lending space in Nigeria has been clouded by predatory practices that exploit the vulnerable through exorbitant rates and privacy invasions" .

Here is what Andray Finance promises :

• No contact harvesting – They explicitly state they do not engage in invasive data practices like harvesting users' contact lists for debt recovery
• Privacy protection – They use advanced data analytics to assess creditworthiness while safeguarding user privacy
• Ethical lending algorithms – Their technology is designed to be fair, not exploitative
• Compliance with Nigerian regulations – They follow the rules set by Nigerian financial authorities

What Types of Loans Do They Offer? 

• Payday loans for salary earners and non-salary earners
• Creative industry financing
• Nano loans for short-term liquidity
• Medical emergency support
• Education financing for school fees
• Personal asset financing
• Airtime recharge and bill payment

Who Is This For?

The company specifically targets "underserved communities" – artisans, traders, and others who have been caught between having no access to credit and the destructive trap of predatory lenders .

Why Is This Important?

This is evidence that the market is responding to the problem of predatory lending. When legitimate, ethical companies enter the space, they provide alternatives for borrowers who might otherwise turn to loan sharks.

What This Means for You:

If you are in Nigeria and need a loan, you now have an option that explicitly promises not to harvest your contacts. But you still need to do your homework:

• Verify that they are registered with the FCCPC (Nigeria's consumer protection agency)
• Read the loan terms carefully
• Compare interest rates with other options