BridgeMe stresses increasing need for microfinance; launches new website

Friday, 21 July 2023 00:00 - - {{hitsCtrl.values.hits}}

From left: BridgeMe COO Naharan Nassath, Director Basri

Hameed, CEO Nazeem Ghaffoor and Business Development Manager Irshad Lye – Pic by Ruwan Walpola

By Divya Thotawatte

Highlighting the need for microcredit in the light of Sri Lanka’s current economic condition, BridgeMe this week launched its website this week to ensure accessibility and efficiency of its services mainly for middle-income individuals of the country.

BridgeMe is a microcredit company that works within Sri Lanka. The company board stated that the aim was to provide ‘Buy Now Pay Later’ benefits to registered company employees allowing them flexible repayment options that suit their needs.

BridgeMe COO Zaharan Nassath stated that the aim of the company was to assist individuals or businesses who may not have easy access to traditional loan schemes and instalment options. He explained, “There are underprivileged employees who can’t go to a bank, finance company or an individual to borrow money from if they have a need for a small home appliance like a mobile phone, television, refrigerator, etc.” He said BridgeMe deals with a pre-set-up criteria which is discussed with the companies they work with, such as their number of employees and basic salaries, to assist employees who are unable to purchase needed white or brown goods.

The speakers pointed out the alienation of the middle-income individuals whose economic status has declined along with the country’s economy, highlighting how their lifestyles are affected. BridgeMe CEO Nazeem Ghafoor elaborated, “Currently, Sri Lankan banks are not offering credit cards and there is a middle-income community with no place to go. We want to help them”. He said that BridgeMe works with corporations, associations, schools, etc. of the private and semi-governmental spheres to assist their underprivileged employees and members.The newly launched website offers registration processes for companies and customers. Ghafoor said that the documentation for obtaining the facilities is created to be simple which focuses mainly on the monthly commitments paid by the individuals. Nassath also added that the individuals receiving the microfinance facilities would not be repaying their loans on their own, but BridgeMe would work with their employers to deduct an amount from their salaries as monthly payment for up to 6 or 12 months.

The microfinance services provided by BridgeMe are to directly bridge the company, retailer and the customer in conducting business, allowing more profit for customers. Nassath said that the goods the customers purchase with the assistance of BridgeMe would be delivered to them by the vendors within a week. “The customers have the liberty to select the type or the brand of the goods. We are not restrictive and tied up with a particular vendor,” he stated, noting that underprivileged customers using microcredit should be able to purchase what they want according to their affordability.

BridgeMe would also assist small-scale businesses mainly through raw material financing, Nassath added. I Capital Partners, led by Love Yadav, serves as the strategic advisor for BridgeMe.