AVL Capital unveiled the product dubbed ‘Pesa na Pesa’
yesterday in partnership with Flexus Systems. This is second mobile-phone loan
service after ‘Faulu-Airtel Kopa Chapaa’, which was launched two weeks ago. The
service will enable individuals and SMEs access short-term micro loans to up to
Ksh 10,000 from their handsets. The service works across all service providers
and interest rates will range from 7 to 10 percent.
For one to be eligible they need to be registered with any
mobile money services; M-Pesa, Airtel Money, Orange Money, Yu Cash and Tangaza.
After filling the registration form, one needs to send as SMS in the form loan to
the designated number 3105. The repayment period is seven days and unlike ‘Kopaa
Chapaa’ defaulters will not be referred to the Credit Reference Bureau.
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