Airtel Mobile Commerce Uganda Limited (AMCUL) and Housing Finance Bank Uganda partner to launch ‘Quick Loan’
Airtel Money offers quick access loans to support customers in meeting their financial obligations
Kampala: Airtel Mobile Commerce Uganda limited, the provider of affordable and secure Airtel money platform, has partnered with Housing Finance Bank Uganda and digital lending platform provider YABX to enable Airtel Money customers, to access quick loans when they do not have sufficient funds in their wallet.
This is the latest service offered by Airtel Money to give financial access to support customers’ needs. AMCUL customers with low balances will be able to complete transactions that include sending money to loved ones, purchasing airtime and bundles, paying for goods and services at Airtel money pay merchants, buying utilities like yaka, and many more.
To access the Quick loans service, Airtel money customers can dial *185*7*10# to opt In and check their eligibility. This partnership is aligned with both Airtel Mobile Commerce Uganda Limited & Housing Finance Bank’s strategy of enhancing financial and digital inclusion through the provision of simple secure and easy-to-use financial services products that give the best value to customers.
Quick Loan joins a list of affordable products offered by Airtel Money in the financial inclusion and transformation agenda of Airtel Africa.
Airtel Mobile Commerce Uganda Limited Director, Mr. Manoj Murali commented, “We are excited to partner with the Housing Finance Bank and YABX to create a product that breaks barriers to access affordable credit for our customers. A quick loan can be the difference between a farmer buying drugs to save his cow, a mother lighting up her home for the children to do homework, or buying the insulin needed to save someone’s life. We are committed to closing such intervening gaps for our customers.”
The Head Group Operations Airtel Money, Mr. Japhet Aritho commented, “Making Airtel Money a one-stop-shop for financial solutions is our goal for our customers. By supporting their day-to-day needs, we count it as a milestone in empowering and financially transforming our customers’ lives. We look forward to building on our partnership with Housing Finance Bank Uganda and YABX to include as many people into the financial ecosystem and transform their lives”
Housing Finance Bank Managing Director, Michael K. Mugabi remarked, “We are excited about the value-added services we are bringing on board in partnership with Airtel & YABX. This is a demonstration of our commitment to continuously innovate not only for our account holders but also customers of our customers (in this case, Airtel Uganda). It is important for us to remain proactive while coming up with solutions that relate to the needs of customers in our Ecosystems.” Our purpose as a bank is to enable homeownership and provide financial independence to Ugandans, we are extremely excited that this product will move us forward in this quest. We thank you Airtel Uganda and Yabx for the cordial working relationship we’ve enjoyed in developing this product. May this be part of a long and successful mutually beneficial relationship for our companies.”
YABX’s Director Africa Business Eunice Ruguru Gatama says, “We at YABX are excited to be working with Airtel Uganda and Housing Finance Bank to deliver Quick Loan. Using YABX, a fintech venture in digital lending technology, the partnership seeks to enhance the digital credit profiling of customers to allow the unbanked population access credit. One-fourth of the world today is still unable to access financial products like loans, savings & insurance due to limited or non-existent financial footprints. This partnership will change this.”
HOW CUSTOMERS ACCESS THE LOAN
Airtel money customers can dial *185*7*10# to register for the service. To take a loan, a customer will transact normally on Airtel money and get a prompt to take a loan if they have insufficient funds to complete that transaction.
Customers can take loans multiple times until they exhaust their limit and have 15 days to repay.