Tamarind – Micro loans to SMEs

role:
User Experience (UX) Designer
User Interface (UI) Designer
Interaction Designer
Length:
12 Weeks
Outcome:
UX & UI Design
UX Research
Style guide & UI components
Interactive Prototypes

Overview

Small and medium-sized businesses (SMEs) frequently have a short-term need for financing to support investments and company succession or to provide operating capital. It frequently takes days to complete the procedure from making contact to receiving a conditional offer from the bank. Final approval or rejection usually requires weeks of administrative effort and copious amounts of paperwork on both sides. Tamarind aims to fully automate the application process, including the actual credit decision as well as any relevant criteria that must be accepted and legitimized.

View project prototype

The threat.

Small and medium-sized businesses (SMEs) make up the majority of businesses in the private sector and offer most residents employment opportunities.

Small and medium enterprises are major employers of labour in an economy and a major driver of economic growth.

Unfortunately, they haven’t done well in Nigeria. Compared to their counterparts in other emerging economies, they have made a relatively little contribution to the GDP.

These small firms indeed confront various difficulties, but they also frequently lack the proper support at the appropriate times. Their delayed expansion has been caused by these difficulties.

The biggest issue facing SMEs in Nigeria is funding. The accessibility of the funds, rather than the sources of the funds, is the issue. The majority of these businesses are unable to obtain either short- or long-term loans.

Lack of sufficient collateral and credit information, strict requirements set by financial institutions, and the expense of acquiring cash are some of the factors limiting SMEs’ access to funding.

Feasibility study

I started by conducting primary research to get a broad overview of the loan market. This involved looking at a variety of microenterprises, SMEs, organizations, and people who provide loans in order to comprehend how services are managed in the lending industry. Understanding and tying user goals and corporate goals together was the major objective.

I started by conducting primary research to get a broad overview of the loan market. This involved looking at a variety of microenterprises, SMEs, organizations, and people who provide loans in order to comprehend how services are managed in the lending industry. Understanding and tying user goals and corporate goals together was the major objective.

How can Tamarind solve this problem?

Tamarind is transforming the way loans are accessed by SMEs by using automation technology to make it easier and faster for small business owners to receive financing.

Here are the solutions Tamarind is offering;

  • No collateral
  • 5 Minutes loan disbursement
  • Educational content to help SMEs grow

How can we make sure a borrower will pay back their loan when it’s due?

When a debtor doesn’t fulfil their contractually owed legal obligations, default happens. This could take the form of failing to make a payment on time or violating a clause in the debt contract. To gain some perspective, I spoke with a few clients who had previously taken out loans or were now in the process of doing so.

  • I was able to learn several reasons why loans defaulted as a result of my investigation. I divided them up into several categories, including the following:
  • Intentional negligence
  • Social and economic obstacles
  • A poor evaluation
  • Contracts and policies
  • Communication problems

User persona

System architecture and flow

It was crucial to develop an end-to-end information architecture and a fluid workflow from one stage of the lifecycle to the next for a complicated system with various stakeholders.

Design system and user interface.

Building a design system and reusable component for this project was crucial, this saves me lots of time and I can create a patterned and clean design.

UI.

View project prototype