When internet-enabled tech bros came into prominence circa the 1990s, they came with the promise that they were going to make life easier using tech. And for the most part, they have delivered on their word. Moreso in human relationships with each other. Dating has been made simpler with technology through dating apps like Bumble, Tinder, and many other dating platforms. Community relations have improved thanks to Facebook, and then Twitter. Communication is a breeze via WhatsApp and many others.
One major pain point in human relationships that hasn’t been solved yet is money. Some parts have been taken care of; sending money via Venmo is now a thing (Abeg tried, but had to pivot. Maybe people don’t really like to give in Nigeria🌚). Apps like Cowrywise make it easier for friends and couples to save together. Lending to others, however, remains mysterious. Giving loans to friends and family members has been one heartbreak story or another. One end is always not keeping up to the plan; either the lender wants to collect their money before time, or (more often) the borrower refuses to pay.
So, has tech met its match? Are some human problems too big for tech? Is my name Juice?
S for Superman Sycamore!
I came across Sycamore's app a while ago. At first I thought it was a run of the mill Fintech app; bill payments, wallets, transfer options, and a feature to apply for loans. But then there was this interesting feature I came across. ‘Loan Friends’. Now, this is the first of its kind that I’m coming across (Maybe there are others that have been there before it). But it’s interesting because it solves the problem that I highlighted earlier. Before I continue, I have a disclaimer: I have a relationship with Sycamore and have advocated for the use of their app even on this platform severally.
Back to the matter at hand; Loan Friends is “Nigeria’s first relationship lending product”. Meaning that it solves all the problems I highlighted earlier. And I think it does.
I found the process to be seamless, all I had to do was download the App, insert my details and get a tag. After that, I just picked a friend to lend money to from my phone list, selected the amount I wanted to send and my bank details, and sent a request.
Why is this different? It helps with loan collections, the most contentious part of lending in friendship. With its constant reminders, you don’t need to send any “guy, how far” to people that are owing you. It also directly debits the borrower when the payment is due. This sounds like great news for the lender. And even the borrower stands to gain some credibility by using the app (I mean, I won't be using an app if I don’t plan to pay you back).
However, like with all tech products, I have a few concerns about the app. Not with the experience though (that was awesome), but with its social implications. While the product solves the problem of relationship strains due to lending, how will it solve the “coldness” of the process? How will my brother feel if I tell him he has to register with an app just to “collect small loan” from me?
Another issue is with the fact that you can’t just use ‘Loan Friends’ on the web version of the app. My guy refused to try it with me because he didn’t want to download a whole app. I believe ease should be most important in products like this. It might even help in solving my first issue if all you have to do is visit the website and add your details to receive or give a loan to your friends and family.
As I said earlier, I’m heavily biased (and why won’t I be, it's such an awesome product!) so I might not be able to see its flaws objectively. But I do believe that the company is up to something here, and if I was a betting man, my money would be on them.
What has been up?
Elon Musk took over Twitter and immediately started proposing changes like charging for the verification badge. Many people have started saying that he’s just a lucky idiot. I don’t think so though, I think it’s too early to know whether Twitter will thrive or die. Doomsday is just easier to sell.
The tech world is experiencing a lot of layoffs, including Stripe, and Twitter (of course). Stripes’ was quite humane if you ask me. I do hope these retrenched staff land on their feet soonest.
The CBN has announced that it is redesigning the naira. I found this post quite insightful on what this really means.
Chiprent is still here to take care of all your housing needs. If you need to find a place to rent or are looking for a roommate, Check them out here.
Finally, don’t forget to try ‘Loan Friends’ out today.
See you all soon.