By Patrick Aigbokhan
Telecommunications firm, Etisalat, in partnership with Support Microfinance Bank have launched a new service, KwikCash to help simplify access to loans for its subscribers.
The service, which is currently available only on the Etisalat network, was developed for subscribers who have bank accounts and need to access cashloans to settle urgent financial needs.
It enables customers to get instant loans with ease using their mobile phones.
Dr. Ekechi Nwokah, Chairman, SMFB, welcomes the partnership as a significant milestone for the banking industry in Nigeria, saying, “Many banks in Nigeria have been trying to address the goals of financial inclusion and access to credit, and with the launch of KwikCash, Nigeria’s first instant loan service, Support Microfinance Bank has taken a huge step towards those goals. We were fortunate to have a supportive partner in Etisalat and we are proof that bank-telco partnerships can be successful given the right focus and commitment”.
With KwikCash, just by dialing *561#, Etisalat subscribers can access loans of up to N100,000 anywhere, anytime and on any type of phone including feature phones.
The code (*561#) opens a whole new world to Etisalat subscribers where they can request a loan that is instantly credited to their bank account.
Subscribers can also dial the same code to check their loan balance, repay outstanding loans, and access lower interest rates if they recommend KwikCash to another subscriber who takes a loan and repays.
Adia Sowho, Director, Digital Business, Etisalat Nigeria, described KwikCash as an innovative service that utilizes cutting-edge digital technology and Etisalat’s network to bring relief to individuals who have urgent need of funds, and helps drive financial inclusion in the country.
She said, “KwikCash is another example of Etisalat Nigeria continuously being at the forefront of the latest applications in digital technology in order to solve problems and deliver value to our subscribers. We are glad to partner with Support Microfinance Bank to launch KwikCash service; this is revolutionary in empowering more Nigerians to access quick loans for their urgent financial needs.”
To repay loans on KwikCash, the user is required to dial *561#; follow the USSD menu to ’Pay Loan’; select preferred payment option; follow the instructions accordingly; and the repayment will be processed instantly.