ZED-FIN Financial Services Limited partners with Airtel Money to unveil Loan services

…………………to provide loans to customers through the Airtel portal.

By Daily News Reporter

The service will enable eligible customers to obtain a loan in times of need that will directly go into their Airtel mobile money accounts.

Speaking during the launch of the new loan service, ZED FIN Chief Executive Officer, Mr. Justin Chola said the Airtel Money Na Sova Platform which is being powered by YABX a Technology it marks the official launch of Zed-Fin Loans, powered by YABX, a technology provider.

“Having Zed-Fin Loans on the Airtel Na Sova Platform is an important milestone for us as it will allow us the opportunity to provide loans to Airtel Money subscribers.  This, ladies and gentlemen will allow for potential exponential growth in our contribution to financial inclusion for the vast majority of our fellow citizens who ordinarily find it difficult to easily access financial assistance for their day-to-day micro businesses or other emergency financial needs,” Mr. Chola said.

He further added that some customers have challenge of accessing loan in terms of loan accessibility ZED-FIN has Na Sova platform which will give opportunity to Airtel customer through Airtel Money Mobile services

“I am referring to Amai Tembo who sells beans at Matero Market. She ordinarily sells K300 worth of beans per day but wants to increase that to K900 per day. Accessing the extra K600 to grow her business is a challenge because she has been excluded from most formal lines of credit. This is where Zed-Fin Loans comes in because our desire is to work with Amai Tembo and help grow her business from selling K300 worth of tomatoes to selling thousands of kwacha worth in a day.” 

Airtel Mobile Commerce Country Director, Mr. Andrew Chuma also added that Airtel Money was cognizant of the importance the Government had placed on digital financial services and as such believed that partnerships were important in order to foster sustainable financial growth in society, therefore the unveiling of the new product with ZED FIN symbolized the Company’s commitment to continue championing the agenda as prescribed in the 8th National Development Plan.

“This is how powerful digital financial services can be not only to institutions but to individuals and this is why when credit is used responsibly it can be used to pay for important things such as school fees as well as provide a lifeline in case of health emergencies,” Mr. Chuma said.

Mr. Chuma further noted that this access to credit is a huge challenge among the marginalized, the unbanked and those who are not attached to forms of formal employment.

These segments of the society have no access to formal loans as they neither have collateral, nor credit history or a salary and this is where solutions such as the Na Sova ZED FIN loan service become important.

To qualify to obtain a loan from the Na Sova ZED FIN service, one needs to be an active Airtel Money customer for at least six months and regularly transact on Airtel Money and will also need to have paid up any other loans taken through Airtel Money.