Econet introduces ‘nano loans’

06 Dec, 2018 - 12:12 0 Views
Econet introduces ‘nano loans’

eBusiness Weekly

Michael Tome
HARARE – EcoCash yesterday launched nano loans an instant credit service adding to the existing assortment of products offered by the mobile money platform.

Dubbed Kashagi the paperless micro loan will be available on the mobile money platform 24 hours a day fit for emergency purposes.

The product offers immediate access to small loans from as little as ten dollars to one hundred dollars per tenure, targeting small to medium enterprises and individuals and will not require collateral as EcoCash already possesses one’s know your customer (KYC) requirements.

EcoCash general manager Natalie Jabangwe said eligibility to access the credit is determined through customer’s transaction behavior furthermore the loan has a 30 day tenure in which one can borrow again if they settle their debt before the end of the tenure.

“We are able to stratify what you can bring to our platform using the transaction behavior that you use on our platform and we are able determine your credit eligibility , and based on what you can afford we are able to give you Kashagi.

“We give you 30 days to pay back your loan and if you pay back earlier you are eligible to another loan,” said Mrs Jabangwe.

Mrs Jabangwe added that her organization is not fretting over collateral as they have enough information about their subscribers.

“As a Smartech group we are prepared to trust you unlike any other financial institution in this country because you are on the move with us.

“We know that even if the customer has no money in the wallet they do have money that comes into their Ecocash wallet from time to time which makes them a reliable customer and credit eligible, they bank with us 24/7 so we can trust them no need for collateral,” she said.

EcoCash has in the past years gave access to financial inclusion, securities markets, diaspora markets and business markets.

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