Etisalat Nigeria, has concluded partnership arrangement with Support Microfinance Bank, so as to create easy access to loans through the launch of its new service, KwikCash.
The service, which is currently available only on the Etisalat network, was developed for subscribers who have bank accounts and need to access loans to settle urgent financial needs.
“It enables customers to get instant loans with ease using their mobile phones,” Etisalat said in a statement on Sunday.
The Chairman, Support Microfinance Bank, Dr. Ekechi Nwokah, welcomed the partnership as a significant milestone for the banking industry in the country.
He said, “Many banks in Nigeria have been trying to address the goals of financial inclusion and access to credit, and with the launch of KwikCash, Nigeria’s first instant loan service, Support Microfinance Bank has taken a huge step towards those goals.
“We were fortunate to have a supportive partner in Etisalat and we are a proof that bank-telco partnership can be successful given the right focus and commitment.”
He added that Etisalat subscribers could access loans anywhere, anytime and on any type of phone including feature phones.
He had earlier said that the code (*561#) to access funds “opens a whole new world to Etisalat subscribers where they can request a loan that is instantly credited to their bank account.”
He said, “Subscribers can also dial the same code to check their loan balance, repay outstanding loans, and access lower interest rates if they recommend KwikCash to another subscriber who takes a loan and repays.”
The Director, Digital Business, Etisalat Nigeria, Adia Sowho, described KwikCash as a service that utilises cutting-edge digital technology and Etisalat’s network to bring relief to individuals who are in urgent need of funds, and helps drive financial inclusion in the country.
She said, “KwikCash is another example of Etisalat Nigeria continuously being at the forefront of the latest applications in digital technology in order to solve problems and deliver value to our subscribers. We are glad to partner with Support Microfinance Bank to launch KwikCash service; this is revolutionary in empowering more Nigerians to access quick loans for their urgent financial needs.”
Sowho added, “To repay loans on KwikCash is easy: the user dials the code; follows the USSD menu to ’Pay Loan’; selects preferred payment option; follows the instructions accordingly; and the repayment will be processed instantly.”