Stacs provides customizable credit products that allow users to manage significant expenses through flexible payment plans while building credit eligibility by saving in a high-interest vault. The platform addresses the challenge of large upfront payments by enabling users to break down costs into manageable monthly installments, enhancing financial accessibility for Nigerians.
Funding
Funding not disclosed
Founders
Product
Problem
Many Nigerians face challenges in managing significant expenses due to the need for large upfront payments, limiting their access to essential services and goods. Traditional credit options may be inaccessible or come with high interest rates, hindering financial inclusion and stability.
Solution
Stacs provides a suite of customizable credit products designed to enhance financial accessibility and promote responsible credit building through savings. Users can break down large expenses, such as rent and school fees, into manageable monthly installments while simultaneously building credit eligibility by saving in a high-yield vault. The platform offers various credit options, including rent now pay later (RNPL), buy now pay later (BNPL), school fees now pay later (SNPL), and a zero-interest credit line for short-term needs. By linking credit access to a savings habit, Stacs aims to foster financial discipline and empower users to achieve their financial goals.
Target Audience
Stacs primarily targets individuals in Nigeria seeking flexible payment options for significant expenses and looking to build creditworthiness through disciplined savings habits.
Features
- RNPL (Rent Now Pay Later): Splits annual rent into monthly payments at 20% interest per annum.
- Stacs Vault: Earns up to 18% interest per annum on savings, building credit eligibility.
- BNPL (Buy Now Pay Later): Enables users to purchase goods and services and pay in monthly installments.
- Zero: Provides instant credit at 0% interest for 30 days.
- SNPL (School Fees Now Pay Later): Facilitates convenient monthly payments for school fees.
- DNPL (Dream car Now Pay Later): Allows users to buy their dream car with affordable and convenient monthly payments
- Mobile app available on iOS and Android for account management and access to credit products.
- Data protection measures to ensure user information is secure and used appropriately.