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Friday, 15 September 2017

UPDATE: INSTANT LOAN THROUGH YOUR ATM CARD, COMING SOON IN NIGERIA.


Interswitch in partnership with banks and non- bank financial institutions set to  introduce instant loans to customers. This was announced during the just concluded 2-day event on Innovative Disruption, at LandMark event Centre, V.I. Lagos.

Just as it is in telecoms, where you borrow instant credit to make calls, Interswitch in a couple of weeks will be launching a credit facility that will cater for those in need of extra cash for different purposes, ranging from business purchases, health care, logistics, rent, ………………. 

Interswitch will connect licensed lenders to borrowers for quick loans, such that between when you apply for your loan and when you actually get the loan could be as little as 1 minute. Note that interest will not be left out.

All you need do is, go to the ATM, insert your card and follow the prompting, choose the financial service provider you want to borrow from and your bank account will be credited with the amount you are eligible to borrow. Then you can use your card to withdraw the money. Simple right? Thanks to Interswitch in advance.

Watch out!!!

My thoughts:   

Maybe you are asking how the loan will be repaid, since it’s given without a collateral. I think they’ll use the system of the telecoms operators, where the money will be deducted from the next cash that hits your account. Nigerians may want to abuse it by abandoning an existing account for a new one after borrowing.

Not to worry, Interswitch has considered  all of these scenarios before building the product. With the level of technology today,  I envisage it would  a 90 -95% success. 
  


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