CDcare, a Nigerian commerce startup, has reported crossing 500,000 downloads on Play Store.
The startup, via its app, helps Africans to own gadgets, appliances, cars and more with ease. It achieves this with a zero interest smart installment plan it calls “Save Now, Pay Later.”
Using a combination of savings and loans in its operations, CDcare app enables users to automate the payment of a certain amount monthly or weekly depending on the cost of the target item and the duration of the payment plan chosen.
When the payments have summed up to half of the cost of the target item, the company ships off the item and it is delivered to the customer, while the weekly/monthly payment continues until full payment is made, all with no interest charged.
CDcare has partnered with the biggest wholesalers in the distribution chain. This partnership enables it to get goods on credit without having to raise debt to finance its purchases.
That way, CDcare can sell to its customers at the normal market price and with no interest.
The startup was launched in 2019 and has now recorded over 500,000 downloads of its app on the google play store. It has also recorded over 30,000 units of items sold to more than 13,000 active customers, plus established business contacts with over 50 merchants and deliveries to all 36 states of Nigeria.
CDcare credits its growth to the success of its ‘Save Now, Pay Later” (SNPL) model which allows users to pay the exact cost of items purchased with no interests and helps them to avoid the “debt traps” that have been attributed to the commonly used “Buy Now, Pay Later” (BNPL) format adopted by most fintech and commerce platforms.
Reiterating the aim and focus of the company, CEO Tobi Odukoya said; “CDcare’s impact focus is on empowering Africans to own assets that they would not have been able to afford otherwise. By allowing consumers to save first, the company encourages sustainable and responsible financial behaviour, which helps to build financial resilience and improve the overall economic well-being of individuals and communities.”
