Orange Money Botswana has launched mobile micro loans for its customers in Botswana. The service, marketed as "N'stakolle", will be run in partnership with Access Bank Botswana.
Eligible Orange Money customers can get an unsecured short-term loan between P50 and P1200. According to Orange Money, the service was developed to better serve customers' needs and provide a convenient, reliable, affordable and safe micro-loan service accessible through their mobile phone.
The N'stakolle service allows customers to apply for instant loans with interests rates. ranging between 7.5% and 12.5%. The loan tenure will range between 3 days and 30 days.
To be eligible for the laons, customers have to have the following requirements:
- Have an active Orange Money account
- Be active on Orange Money services over the last 6 months
- Be aged 18 years and above
Eligibility and the loan amount will also depend on the monthly transactions done by customers including cash-in transactions, bill payments, and money transfers.
To check eligibility, customers can follow the following process
- Dial *145#
- Select option 2
- Enter pin
- Select option 6 (N'stakolle loan)
- Select option 3 (Eligibility check)
To request the loan, Orange Money can follow the following process:
- Dial *145#
- Select option 2
- Enter pin
- Select option 6
- Select option 1 (Request loan)
- Enter amount if eligible
- Select repayment plan
- Confirm transaction with pin