Airtel Rwanda has launched a soft loan feature on its network that can allow its subscribers borrow up to Rwf50,000 (USD72) instantly without collateral. Airtel is launching the service with Atlantis Limited, a local micro-finance institution.
The new offering dubbed “Igurize Amfaranga” will operate via the Airtel Money feature and will become fully operational starting April 2015.
Director of M-Commerce and Enterprise Business at Airtel Rwanda, Mr. Phillip Onzoma said the offering will provide instant access to needed financial intervention and is a reliable source of credit in moments of emergency.
“While Rwanda has one of the highest banking penetration rates in the region, the mobile phone is increasingly becoming a trusted device for financial transactions, such as payments, transfers, card-less withdrawals and credit facilities,” he said.
Airtel money is an account on a subscriber’s phone that can be preloaded and then used for a host of services including funds transfers, utility bills servicing and recharging prepaid mobile & digital TV.
The soft loan has a two week maturity window and attracts a 10% facilitation fee.
Airtel Rwanda subscribers can dial *182# and follow the menu to get started.
