According to Orange Money, "N'stakolle", the short-term loan product launched in collaboration with Access Bank in November 2022, has passed over 1.5 million loans issued to customers.
Initially, N'stakolle offered Orange customers short-term loans ranging from P50 to P1200. Following increased demand from customers the thresholds were changed to start from P20 minimum up to a maximum of P2000. To access the loan, customers dial the Orange Money short code (*145#) and follow prompts, similarly, repayment of the loan can be done through the Orange Money platform. Interest on loans ranges from 7.5% and 12.5% depending on the tenure of the loan which each customer chooses, the options for which are 3, 7, 14, 21 and 30 days.
"Orange Money is fully devoted to contributing to the growth and advancement of Botswana's mobile financial services landscape. Our primary goal is to empower Batswana, allowing them to actively participate in the financial ecosystem with a sense of pride and dignity. We firmly believe that providing access to N'stakolle Loans plays a pivotal role in achieving this mission," said Orange Money CEO, Mr Seabelo Pilane.