The mobile loan origination (Micro-lending) product has been created with the purpose of enabling pre-qualified individuals within a SACCO/Microfinance Bank to be able to apply for microloans and receive the facility in near real-time on their mobile wallets (M-pesa).
General system features will include:
- The registration procedure for new users/members
- USSD functionality for users / SACCO/MFB members to access the application
- The loan prequalification scoring procedures
- Loan disbursement and repayment via M-pesa
- SMS alerts and reminders
- System security
- Reporting module
The product seeks to offer microloans to Sacco and MFB members on a short term revolving or one off basis with repayment periods being either monthly or weekly.
2% of the charged interest.