Friday, 6 October 2017

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By: Lolia On: 4:24:00 pm
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  • The Africa foremost digital payments and commerce company, Interswitch in partnership with 6 leading banks and 3 non-bank financial institutions, today unveiled the promised platform - Interswitch Lending Services. It is a multi-channel low-level retail lending without collateral aimed at servicing the underserved by the mainstream financial service providers.
    As stated at the end of Digital Transformation Imperatives conference  organized by Interswitch, which took place on the 14th & 15th of September, 2017 at  Landmark events center, the platform is finally launched today.  Click here to view the pre-information.  
    Speaking at the launch, the CEO for Switching and Processing at Interswitch Group, Akeem Lawal said, “We have done this to provide accessible credit for the financial needs of customers who are presently underserved by mainstream finance, or who are excluded in one way or another from being able to access credit through currently existing conventional channels. We are doing this by addressing the problem of access, reach and risk in a novel way that ensures that we can achieve nationwide scale,”
    It is basically for SMEs, credit providers and individuals, aimed at meeting personal and small business needs, so as to accelerate business growth in the Nigerian economy.

    All you need to know about the Interswitch Lending Services:

    - To qualify for a loan, all you need  do is open a bank account and do more electronic or cashless transactions. 

    - The amount you get largely depends on the volume of electronic transaction you do.

    - You can get as low as N1,000 and as high as 200,000.

    - It’s an instant loan that takes less than 5 minutes. 

    - The interest rate for the loan is between 3- 15%.

     - Payback time for the loan is from 10 days to 180 days.

    - The loans can be repaid through the following channels:  Cards, at ATMs, online at, mobile banking apps, USSD channels and bank branches.

    - Defaulters will be blacklisted and traced through available data and other channels and will never access future loans.

    - The  partner banks  include FirstBank, UBA Bank, Ecobank, Fidelity Bank, Heritage Bank and  Unity Bank, while lending partners are Kwikcash, Paylater and Ferratum.

    This is good news for SMEs and individuals.

    For more on this click here to connect to Interswitch.

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