The Business Booster Loan is a fast-access working capital financing solution specifically designed for daily income earners in Nigeria's informal sector. The goal of this loan is to empower small-scale entrepreneurs and micro-business owners, particularly PoS agents, mobile money operators and traders by giving them instant access to capital to keep their businesses running efficiently and profitably.

This product addresses a key challenge in the informal economy: liquidity constraints. These business owners often experience cash flow shortages that can limit their ability to complete daily transactions (like cash-ins, transfers, and purchases). The Business Booster Loan bridges this gap by giving them the cash they need when they need it, with flexible repayment terms and a seamless approval process.

How Business Buster Loan Works 

1. Pre-qualification & Savings Commitment

To be considered for a Business Booster Loan, a potential borrower must:

• Save at least ₦1,000 daily for 30 days in the Bolingo Lock Savings Account.

   

• Operate a legitimate micro business that earns on a daily basis, such as a PoS or food vending businesses.

   

• Have a valid and verifiable identity (NIN & BVN) and a guarantor (non-family).

   

2. Application

• Borrowers begin by filling out a Google Loan Application Form on the Bolingo Website.

   

• Bolingo staff initiates KYC (Know Your Customer) verification, including:

   

  • Valid government or association-issued ID.

     

  • Utility bill as proof of residence.

     

  • NIN and BVN validation via API.

     

  • Guarantor documentation.

     

• A field verification visit is conducted by Bolingo officers to confirm:

   

  • Residential address.

     

  • Business location and activity.

     

3. Approval Process

• Once the borrower and guarantor details are verified, calls are placed to both to confirm the application.

   

• A loan approval team reviews all documents and reports.

   

• Upon approval, the loan is disbursed within 2 to 3 hours.

   

4. Loan Amount Tiers

Borrowers can access funding in four levels based on their performance and repayment history:

• Level 1: ₦100,000

   

• Level 2: ₦200,000

   

• Level 3: ₦300,000

   

5. Loan Tenure and Repayment

• The loan tenure is 90 days (Maximum of 3 months in the first instance).

   

• Repayments are made every two weeks, based on the initial disbursement date.

   

• After each 2-week repayment cycle, the loan can be re-disbursed within 2- 24 hours, allowing business continuity without interruption.

   

• Timely repayments improve the borrower’s credit rating and can qualify them for higher funding in the future.

   

Target Audience

The Business Booster Loan is tailored for:

• PoS agents and Mobile Money Operators offering transfer, cash-in/cash-out services.

   

• Market traders, food vendors, and micro retailers.

   

• Daily income earners in need of capital to support turnover and service delivery.

   

This demographic typically struggles to access traditional loans due to lack of formal collateral or bank history. Bolingo’s solution removes these barriers by offering trust-based, short-term loans tied to daily savings and verifiable activity.

KYC and Compliance

• Full KYC verification ensures transparency and reduces fraud.

   

• Field staff visits and physical address confirmation protect the institution's interests and improve borrower accountability.
• Guarantors serve as a social guarantee mechanism in lieu of physical collateral.