It is a novel business model: offer zero-interest loan financing collateralized with household items (furniture, phones, generators, TVs, etc) which clients pay storage fees during the term. If they repay principal, they take their items back. But where they do not do that, the items are kept for the principal. All loans are valued to align with the fair market value of the items during loan origination.
Now the engineering phase: for those kept items, refurbish them and open a shop for people to buy them. That is what Egoras does at scale. It has employed hundreds. It is a fintech, an engineering startup and more.
Everything in this store (see video) is refurbished. The engineers are in Aba and Port Harcourt. We brought in brilliant young Nigerians and asked them to do amazing things. Ugoji Harry, Egoras CEO, has done very well. A new showroom/store will open in PHC this weekend. Enugu and Onitsha on the way. We’re adding more factories and everything sold in our stores will be “Made in Nigeria”! Simply, no import!
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Note: every item comes with service guarantees to give you peace of mind; phones – 6 months, generators – 3 months, etc. It has insurance for the items “All items used as collateral are insured and inventory fees are shared with the third party insurance company”
Watch the video here.
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