Meet Entrepreneurs, Augustine Abolusoro And Samuel Abolusoro CEO & Co- Founders Of P2vest Technologies Limited, A
Digital Lending Platform

Young Entrepreneur Samuel Abolusoro was inspired to start up the P2vest
Technologies Limited Company with the CEO because many Nigerians do not have access to Credit. The company provides Digital Lending services to Nigerians. He speaks to Elorasblog in this interview..

Please tell us a little bit about your background?


My Name is Abolusoro Samuel, a Co-Founder and COO at P2vest Technologies Limited. I am a graduate of Physics from University of Ilorin with an Executive MBA from Paris Graduate School of Management.

My professional experience spans well over 12 years, 9 years of it has been in the Banking industry, specifically in the area of Network Engineering, Security, Collaboration and digital innovations.

The CEO is Augustin Abolusoro who has held many leading roles in IT and Digital Banking. He has pioneered many leading products today, with about 20 years banking experiences.

What motivated you to start up P2Vest?

P2Vest started from conversations between I and my Co-Founder (Austine Abolusoro) who is also the CEO. We discovered that many Nigerians do not have access to Credit. In fact Less than 2% of Nigerians have access to credit even when some of them are gainfully employed or running thriving businesses.

We have friends that run businesses, saw their challenges and we also saw how the banks processes are slow. We then decided to develop have a digital lending platform but with a differentiation of making it Peer to Peer.

Why did you choose the name P2Vest?

We choose P2Vest because we wanted the Peer to Peer (P2P) to be reflected in our name. our business is setup to provide P2P platform and this is not limited to lending.

When did you start your company?

P2vest Started in May 2020 and we launched our MVP product in September 2020.

Photo of P2Vest staffs

Did you attend any form of training before starting up P2Vest?

The CEO and I were ex-Bankers with vast experience in developing and managing digital products. We have been fortunate to also attend various trainings from our previous employments and this prepared us in birthing P2Vest.

Many young youths like you have business ideas but raising capital is the challenge, how were you able to raise capital for your business?

A great idea is more important than capital. Understanding how to execute the idea and getting other people to believe in it is key. The ability to convince people to believe in your idea provides opportunities for the needed capital to be raised. Although raising capital is at various levels, it is our belief that you should test the idea, see some traction before making moves for any major capital raise.

So far we did raise capital from family and friends when we were starting the business and have not raised any additional capital since then.

P2Vest gives Nigerians the opportunity to make money by lending, how can they build trust in your company?

We have been able to build a proprietary algorithm that works very well. Hence, there is a high probability of lending to credible people that will actually pay you back. Everything is transparent on the app and you get to see what you are earning from the platform. We are getting to a point now where we are willing to guaranty lenders’ capital on our platform.
Also capitalizing on the trust system that exists amongst friends, we have enabled a feature called ‘’Bail me’’ on the app. This makes it easier and secured for friends who want to be able to lend to each other and even set their interest rate if they choose to earn interest on the funds.

How do you make profits from this services?

We charge a commission on the interest that lenders make on our platform. We also lend directly to SME’s and we offer our Platform AS-A-Service.

Can you share with me the setbacks and challenges you’ve encountered in this business?

A big issue remains how to compel defaulters to pay back loans without harassments. There have been complaints on how lending companies are employing unethical means to recover funds from borrowers but there hasn’t been clear strategies on setting up the right rules and regulations to shape people’s behaviors so that the formal and legal process could enable lending businesses. It is a challenge that there are dishonest people out there that just want to get on an App, take a loan and not pay, and there are many who now do this deliberately.

Where do you see P2Vest in 5 years?

In 5 years P2vest would have been able to service up to 3 million customers and we would have also expanded our reach to other African Countries.

We would have launched some other products that are in the works now and by then, P2Vest will be more than just a digital lending company.

Email: elora.akpotosevbe@yahoo.com