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EcoCash and Steward Bank Now Offering Collateral-Free Loans From Your Phone. No Paperwork Required

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WhatsApp Money exchanging hands

Cassava SmartTech (who are in the process of demerging with Econet) is making sure they end the year with a bang. Shortly after announcing that Econet subscribers will now be able to open accounts with Steward Bank from their mobile phone using the *236# Bank service, it was revealed that both EcoCash and Steward Bank clients will now be able to get collateral-free loans from their mobile phones.

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Yuhp! No need for you to go and wait in line and fill out some paperwork and go through all the hassles it takes for you to get a loan from microfinance institutions. Using KaShagi (as the product will be known) you can just get a loan in a few clicks from your phone.

Are MFIs in trouble?

The logic behind this move is that there are times when you need a loan just to sustain you until the next payday or if you need to pay ZESA. For something like this you wouldn’t want to stand in-line at a microfinance institution filling out paperwork and having to wait 3-days until you get your money.

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There’s also the issue of interest rates. Most MFIs have interests rates that are considered excessive. Early last year the interest rates for MFIs were capped at 10% per month and this is still quite high. Using the KaShagi facility you’ll only part with a 5% handling fee and there will be no interest rates on your 30-day loan. If you manage to repay the loan within 48 hours you’ll be able to apply for another one.

To access KaShigi from your Steward Bank account

  1. Dial *236#
  2. Select Option 3 – Nano Loans
  3. Select Option 1 – KaShagi Loan

You’ll be notified of the loan you qualify for or your outstanding loan balance. From there you can either apply for the loan or repay the loan

To Access KaShagi from EcoCash

  1. Dial
  2. Enter your EcoCash PIN
  3. Select Option 6 – EcoCash Save
  4. Select Option 3 – KaShagi Loan
  5. Either request loan (option 1) or repay loan (option 2). You can also check your credit limit (option 3).

How much can you actually get?

The minimum amount you should be able to qualify for when using the KaShagi on Steward and EcoCash is $5 and $10 respectively and the maximum is $100.

According to Natalie Jabangwe-Morris (the EcoCash CEO), the first 100 people to get a loan using KaShagi will get their double whatever they are requesting and they only get to payback for the amount they requested.

18 thoughts on “EcoCash and Steward Bank Now Offering Collateral-Free Loans From Your Phone. No Paperwork Required

    1. This is Breaking and much as we may or may not like Econet they are doing something about everything ! People will always talk about you if you doing something l mean what we write about the other MNOs ? That they are copying Econet products ? Right back to talking about Econet again so let them shine when they do well in a place liked Zim … Well done Econet !

  1. What are the factors considered to determine how much you qualify for?Want to understand the scoring model.

  2. Use KaShagi:

    1. As a last resort.

    2. Read 1. again.

    In general, banks have hidden fees that are never revealed to the public. These fees are “legal” and that’s how banks in dead economies make their profits. But this is not any other bank, this is Eco— sorry I mean Steward bank.

    5 % handling fee
    7 % service fee
    15% insurance
    25 % punishment for borrowing kkkkk.

  3. Thanks for the introduction of a hustle free facility for loan application. I really welcome the idea which has come as a relief.

  4. Some of the responses here confirm one thing. People don’t really read. The article says that there is no interest charged, just a 5% service charge. Loan is for 30 days and if you repay within 48 hours you can apply for another loan. And lastl, before someone else asks this, you must have an EcoCash or Steward Bank account. Another thing, Econet did not pay me to write this. Kashagi is a game changer.

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