UGANDA, Kampala | Real Muloodi News | Airtel Uganda Limited, a telecommunications company that provides a cost-effective and secure Mobile Money platform, has teamed up with Housing Finance Bank Uganda, and digital lending platform provider YABX, to give Airtel Money customers access to quick loans when they have run out of financial options.
This is the newest service provided by Airtel Money to provide financial access to users to meet their demands.
Customers with insufficient balances on their AMCUL accounts would be able to initiate transactions such as transferring money to friends and family, buying airtime and packages, paying for products and services at Airtel money pay merchants, purchasing utilities such as yaka, and many more.
Airtel money clients may use the Quick loans service by dialling 1857*10# to opt-in and verify their creditworthiness.
This collaboration is in line with Airtel Mobile Commerce Uganda Limited’s and Housing Finance Bank’s strategies of increasing financial and digital inclusion via the provision of simple, secure, and easy-to-use financial services solutions that provide the most significant value to clients. Quick Loan is one of several low-cost solutions Airtel Money offers as part of Airtel Africa’s financial inclusion and transformation goal.
Airtel Mobile Commerce Uganda Limited Director, Mr Manoj Murali, says, “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, notes, “Making Airtel Money a one-stop shop for financial solutions is our goal for our customers. We count it as a milestone in empowering and financially transforming our customers’ lives by supporting their day-to-day needs. 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 says, “We are excited about the value-added services we are bringing on board in partnership with Airtel & YABX. This demonstrates our commitment to continuously innovate not only for our account holders but also customers of our customers (in this case, Airtel Uganda). We need to remain proactive while coming up with solutions that relate to the needs of customers in our Ecosystems.”
Benefit for Those Who Long to Own a Home
Mugabi further adds: “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 of Africa Business, Eunice Ruguru Gatama, says, “We at YABX are excited to be working with Airtel Uganda and Housing Finance Bank to deliver QuickLoan. 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 Airtel Clients Can Obtain the Loans
Consumers of Airtel Money may sign up for the service by dialling 1857*10#. To borrow the money, a client will regularly trade on Airtel money and receive a prompt to take a loan if they do not have enough funds to finish the transaction. Customers can borrow many times till they reach their loan limit and have 15 days to repay.
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