- How do I create a business account on Owoafara? Learn how to create a business account from this blog post: https://blog.owoafara.com/2019/11/25/create-a-business-account-on-owoafara-com/
- Why do I need to input my BVN? Your BVN is an identity to show your existing banking transactions. This is required to confirm your current credit history.
- Why do I need to input my Guarantors BVN? CBN’s recent credit policy now requires your Guarantor’s BVN.
- Does Owoafara match businesses with Investors? The current version of our platform only matches businesses with financial institutions. We plan to roll out various product and service options as we grow.
- Does Owoafara give businesses loans? We don’t give loans directly, when you register on our platform, you will take a basic eligibility and credit assessment that allows us to match you with financial institutions.
- Where is the list of financial institutions who borrow businesses money on Owoafara? We are constantly bringing new financial institutions on board which is why we have not displayed them all on the platform. We will share more information on our financial institution partners as we grow.
- Do I need guarantors? Yes you need to provide guarantors on the platform as this is a requirement of most of the financial institutions on the platform.
- Who can be my guarantor? A close friend, relative, colleague or mentor of good financial and moral standing. Some financial institutions might not accept a relative as a guarantor.
- Why is my bank statement important? Your bank statement provides evidence of your business transactions that will also be verified by third party sources.
- Will Owoafara provide support for the businesses that get matched on the platform? We will provide regular business insights to all registered businesses on the platform. We also intend to build a community tool to support small businesses. Currently we have a Facebook group called small to scale club where we share regular business insights and tips.