Airtel, FDH partner in mobile phone lending
Airtel Money and FDH Bank have partnered in a new facility which will allow their customers to borrow money through their mobile phones.
The facility called ‘Kutchova Loan’ was launched during a ceremony held in Lilongwe on Monday.
Through the service, Airtel Money and FDH Bank customers will be able to access instant loans of up to K50, 000 to be repaid within 15 days without paperwork and collateral.
Speaking during the launch, Airtel Money country director, Francis Matseketsa, said the pioneering loan product will help increase access to financial inclusion and enable many Malawian to improve their lives.
“The brick and mortar banking services only allows people to access banking in certain buildings located in specific areas. With Kutchova, customers will be able to access loans on Airtel Money through their phones,” said Matseketsa.
He said the facility is an extension of services Airtel Money has been offering Malawians which allow them to make payments for their groceries, pay bills, and send money across borders, among other services.
“These services have emboldened us to drive financial inclusion for the unbanked masses offering them convenience,” said Matseketsa.
In his remarks, FDH Bank acting managing director, Laston Chilando, said the partnership brings convenient access for small loans by individuals no matter, where they are in Malawi.
“This breaks the barrier to financial services that are associated with location of banks in particular places,” Chilando said.
