Chinese P2P Platforms Hit Record Volume on “Singles Day”

Last Friday was China’s “Singles Day.”  November 11, has been successfully turned into the world’s biggest shopping event, when most goods on online shopping websites hit their lowest level of the year.  Chinese peer-to-peer (P2P) lending platforms have been taking advantage of the shopping holiday mood to promote their products. This year, Chinese P2P platforms have attracted $1.38 billion of investment on the “Singles Day”, a 185% increase from last year. Platforms have mainly used three methods to attract investors namely extra interest, bonuses and gifts.

The “Singles Day” has spilled over to many industries besides online shopping. It represents a great opportunity to engage customers, which P2P platforms can take advantage of. However, to retain those new customers on the long run, platforms will need to improve their risk control, services and products.

Although Cameroon does not have a “Singles day” like China, Cameroonians love sports, especially Football. Ovamba has designed a product derived from football in order to retain, encourage and give premium status to its faithful customers. The Ovamba Referral Program gives Premier status as well as several advantages to faithful customers.

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