Exclusive: Techstars-backed BlackCopper set out to disrupt lending, now it owes investors ₦1 billion
- Only 6.2% of Nigeria's adult population had access to loans in 2019.
- BlackCopper could not recover over 60,000 loans disbursed to customers.
- At least 75 investors who made debt investments in BlackCopper will suffer losses.
The situation at BlackCopper is dire, with a high number of defaults and a significant debt. The CEO's plans to use the company's technology for other purposes may raise doubts about his understanding of the gravity of the situation. Investors may question the decision to invest in the company, considering the challenges it faces.
