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As short term loan products boom in Botswana, opportunities for fintech await
#loans
#fintech
#personal finance
On Friday, March 31, Botswana’s leading mobile network operator by subscriber base, Mascom, announced that it was launching a short-term loan product through its mobile money entity, MyZaka.
Botswana’s leading mobile network operator, Mascom, has launched MyZaka Instant Loan, a short-term loan product, through its mobile money unit. Customers can access loans starting at P50 ($4) up to P1,500 ($115), payable within 30 days, with eligibility determined by the customer’s spending on the MyZaka platform. The loans will carry a one-off interest rate of 12%. Orange, Botswana's second-largest mobile network operator, launched its short-term loan product in November 2022. Non-banking financial institutions aren’t the only ones attending the short-term loans party. Stanbic, one of Botswana's leading commercial banks, also launched its offering called Toro.
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