Travel company Tielle Travel proposes addressing Nigeria's funding shortage in migration with personalized travel loans
Tielle Travel, a subsidiary of Social Media Centre Marketing, is making waves in the Nigerian market with its innovative travel financing platform. The service offers loans tailored to individuals traveling out of Nigeria, aiming to help citizens overcome financial barriers related to relocation or other travel needs.
How Tielle Travel Works
Tielle Travel grants travel loans to individuals traveling abroad, with the loans designed to cover a substantial portion (up to half) of travel expenses. This reduces the upfront financial burden on travelers, making it easier for them to pursue their travel goals. As a subsidiary of Social Media Centre Marketing, Tielle Travel leverages strategic partnerships to facilitate its operations.
Flexible Repayment Options
Tielle Travel employs flexible pay-back structures, allowing borrowers to repay their loans in ways that suit their financial situations. Although specific repayment schedules or interest details are not publicly available, the flexibility implies options like installment payments or tailored repayment terms to ease the financial impact on borrowers.
The platform is positioned as a response to Nigeria's growing demand for travel financing, indicating that the repayment plans are structured to be manageable given typical financial constraints for Nigerians traveling abroad.
Partnerships and Collaborations
Tielle Travel is partnering with various institutions to help users secure their travel plans. These include airlines, hotels, universities abroad, and other institutions. The company is also in talks with the University of Manitoba in Canada for a potential partnership.
In addition, Tielle Travel has partnered with Globus Bank for support during its first year of operations. The company is also exploring partnerships with financial institutions to provide liquidity and is seeking funding from angel investors.
Co-signer and Guarantor Requirements
Tielle Travel requires borrowers to provide a co-signer and a guarantor for loan repayments. The co-signer's role is to ensure timely loan repayment, and Tielle Travel maintains communication with the co-signer to keep the loan repayment on track.
Addressing the Need for Travel Financing
A 2024 survey by Afrobarometer revealed that 33% of Nigerians have considered leaving the country, a significant increase from 11% in 2017. Traveling to the United Kingdom for a one-year course now costs as much as ₦40 million ($26,000), making finances one of the biggest hurdles for migration. Between 2022 and 2023, approximately 3.6 million Nigerians migrated out of the country.
Tielle Travel's travel financing solution addresses these challenges by providing loans to cover up to 50% of travel costs, making it more accessible for Nigerians to pursue their travel goals.
As Tielle Travel continues to grow and evolve, it is poised to become a leading player in the travel financing industry, helping Nigerians navigate the financial complexities of travel and migration.
Venture capital investment in technology-driven businesses like Tielle Travel could help the company scale its innovative travel financing solution, expanding its reach and further addressing the financial barriers faced by Nigerians wishing to travel abroad.
With the increasing demand for finance in the business sector, especially in technology and travel, Tielle Travel's strategic partnerships with various institutions and discussions with prestigious universities like the University of Manitoba signify the platform's commitment to securing the necessary financial resources to cater to a broader audience.
