SA money-lender now accepts NFTs as collateral

Source | It Web

South African-based asset-backed lender Lamna Financial claims it is one of the first financial services companies in the world, and the first in Africa, to offer loan advances against non-fungible tokens (NFTs). The registered credit provider offers short-term asset-backed loans targeted at high net worth individuals. The company provides fixed interest rates ranging from 36% to 60% annual percentage rate and payment options from three to 24 months. The financial services company says since its establishment in 2013, it has disbursed in excess of R1 billion to more than 7 500 customers by providing loans using customers’ assets, such as vehicles, watches, jewellery, gold and diamonds, yachts and boats, as collateral. With the explosive growth of crypto-currency now opening a new world of investment opportunities, Lamna Financial says it has expanded its offerings to allow customers to take loans in exchange for NFTs, considered an important asset class for investors.

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