KBZPay launches short-term loan for agents

KBZPay announced a new short-term financing product for their agents on Tuesday.

The KBZPay Quick Access Loan will help agents and merchants improve their cash flows, as many face issues in facilitating peer-to-peer cash transactions. The growing volume of cash transfers requires the agents to have sufficient funds in their mobile wallets to avoid cash flow problems.

The loan will provide KPZPay merchants with a credit injection of K300,000 without the need to provide collateral, guarantors or application fees. Eligible borrowers can increase their credit limit up to K2.5 million.

The loan amount disbursed will be determined based on the amount and volume of KBZPay transactions facilitated by the applicant in the past. The line of e-credit provided is one year with a monthly repayment schedule. The interest rate is 13 percent, applied only to the e-credit amount used.

“Many of our 270,000 KBZPay agents and merchants across Myanmar run businesses which need short-term financing that is quickly available. With Quick Access Loan, we offer our partners a financial cushion for growth and working capital management,” U Soe Ko Ko, Head of Agent Banking, KBZPay, said.

KBZPay is a mobile wallet introduced in 2018. Users can manage money, pay for goods and services, store cash, remit and conduct daily financial tasks.

Source: Myanmar Times

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