MicroMoney Lanka introduces loans via mobiles | Daily News

MicroMoney Lanka introduces loans via mobiles

Malsha Thilakarathne
Malsha Thilakarathne

MicroMoney Lanka Pvt. Ltd, an international social lending company introduced by Prosperous Capital and Credit Ltd to the Sri Lanka market, launched Micro Money Social Loan Advance Scheme, which is approved and executed via mobiles.

MicroMoney is an open source credit and big data bureau that connects new customers to all existing financial services.

MicroMoney A.I. platform uses complex algorithms to predict creditworthiness of all customers and in just 15 minutes a borrower can get their very first loan in his or her life just from their smartphone.

All customers have an ability to pay less interest and have a higher credit rating, if they use this platform more often.

All aggregated big data and credit histories are stored on the blockchain.

Thousands of existing businesses will get access to millions of new customers which the company will bring to the global economy.

Country Manager MicroMoney, Malsha Thilakarathne said that any person who applies for a 'loan' would be given it in less than 24 hours.

The cash would be dispersed via an online payment method and it could be withdrawn from any ATM. The second state would be where withdrawal could be made via applications like EZY cash and other systems.

Any user could download the MicroMoney app and enjoy this facility.

He said that the company has allocated Rs. 1.5 million for the first year of operations and this would be increased according to the demand. Prosperous Capital hopes that MicroMoney would become a self-funding entity in two years.

The credit would start from as low as Rs. 7,500 and would go up to Rs. 100,000 with single digit interest being charged.

As for collateral, we will take a salary slip which too could be scanned and forwarded to us from the mobile itself.

"The main target market would be low income employees."

Talking about the technology behind creating MicroMoney, Thilakarathne said that the technology was totally homegrown.

She said that the system was started and executed via Face book and due to its popularity they decided to open a special office in Colombo 3 as well.

"This is a 100% online system executed via mobiles and we expect an island wide response." She also said that a unique feature of this credit scheme is that the loan would be applied, executed and processed without the customer and MicroMoney officials meeting each other.

Asked what they would do for defaulters, he said that they would be take general legal action as per the e-agreement and generally the defaulting rate is very minimal since the solution is highly useful for the unbanked and underbanked populations in the world for their urgent and important needs without any hassle. 


 

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