Di hashtag #SmallSmall dey sit for number four among di topics wey dey trend for Nigeria on X, according to trends24.in, di site wey dey track trending topics. Di hashtag still get im own search page for X where people fit see posts wey carry am. Di tracking data no show wetin each post tok, so dis report no go attribute any claim to users wey e no fit verify.
But di name SmallSmall no be stranger for Nigerian property market. SmallSmall Technology, wey dem bin know as RentSmallSmall, na property technology startup wey Tunde Balogun, Naomi Olaghere and Pidah Tnadah co-found for 2018. For July 2022, Vanguard report say di company carry out major rebranding, join imself and other products under one new company name and brand, SmallSmall Technology.
Di rebranding, wey di company say na to push im commitment to flexible, convenient and quality living solutions for Nigerians, come with new corporate logo, visual identity, website and mobile app. Di same announcement carry two new products: Buy2Let and StayOne.
Buy2Let, wey dem pilot for 2021 with wetin di company call great success, dey target young people wey want head start for real estate investment. Person wey buy unit go get vetted tenants and start to earn guaranteed rental income. StayOne nko? Na premium solution wey dey offer nightly stays for people wey want quality living space with fine furnishings.
Before di rebrand, RentSmallSmall bin dey run monthly rental payment for Lagos and Abuja for three years. Vanguard report say di company record over 25,000 monthly stays across 24 locations for di two cities, save tenants over N1.4 billion in agency and legal fees, and tripple im waiting list to 70,000 people. Di plan dat time na to launch for five other cities, including Enugu and Ondo, before di end of July 2022.
Di company also pull funding. TechCrunch report for October 2022 say SmallSmall raise $3 million to provide flexible living solutions for customers. Di report note say Nigeria rental system don suffer inefficiencies for years, as most landlords dey collect rent one to two years upfront while renters dey struggle.
Two years later, di CEO Tunde Balogun carry di conversation go instalment payment. For di SmallSmall Fair wey happen for Lagos one weekend for August 2024, Balogun argue say instalment plans go reduce financial strain on consumers and still boost sales and productivity for businesses. Im words: “Currently, many businesses have high unsold inventory because the purchasing power of consumers has reduced. However, access to installment payment is the solution needed by individuals and businesses to navigate this current economic situation.”
Balogun still talk say Nigerian economy dey largely cash-driven and credit-averse, and im call for robust credit system. “We must deepen instalment payments to ensure sustainable growth and provide a much-needed succour for the Nigerian middle class, whose purchasing power is being eroded by inflation,” na so im talk. Im praise di government student loan initiative as step for right direction and ask for more programmes like am.
Vanguard report put di SmallSmall Fair at over 100 vendors from different industries and around 5,000 visitors. To make transaction easy, SmallSmall launch “Fair App” wey get verification and fraud prevention measures. Other businesses wey participate include Cargoplug, Herconomy, Edike Africa and SunFi.
Di instalment talk no end for one company. The Nation report for August 2024 say Quickteller Homes, di real estate and property subsidiary of Interswitch Group, dey drive paradigm shift for Nigeria real estate market through instalment plans for home ownership.
