This Fintech is offering instant loans you can apply for via WhatsApp

Farai Mudzingwa Avatar

The process of taking a loan is riddled with paperwork and back and forths to either the bank/Microfinance institute. eShagi is a fintech that promises instant loans that are given out under a 100% online process.

What is eShagi?

eShagi is a Fintech that claims to be different from banks and microfinance companies. How? They offer “a hassle free way to access affordable credit and the freedom to spend whenever and wherever they chose.”

The eShagi websites states that the service is currently available in 4 countries; Zimbabwe, Zambia, Malawi and South Africa.

eShagi has 3 distinct credit services they are offering at the moment;

  1. eShagi Salary Loan – This loan has an interest rate of 12% per month and a term of 1-24 months. The minimum amount you can borrow is ZW$1 000 with an unlimited maximum amount (determined by your worthiness of course);
  2. eShagi Store Credit – The interest rates, terms and amounts are similar to the salary loan. The difference between the loan and store credit is that the store credit can be used in specific store across the country. eShagi says the credit can be used at 1000+ locally.
  3. eShagi Recharge Credit – You can borrow ZW$100-1 000 worth of prepaid electricity or airtime and pay later. The loan has a 15% interest rate, with a term of 7-30 days and

To be eligible for these loans you need the following;

  • Over 18 years old and a resident of Zimbabwe.
  • Full-time employment in the government or private sector.
  • Receive salary or other income through a bank account.
  • Not on an active blacklist, bankruptcy or equivalent.

The application process for the loan seems pretty straightforward if we’re going by the instructions on their site. You can apply on the site or via WhatsApp (text Hi Thandie to 0715069167). You’ll be required to share your ID, payslip and payment details. Once that process is complete eShagi says you’ll get a pre-approval in under 30 minutes.

Once you get past the phase of final approvals (the website doesn’t specify how long this takes) you then get a payout to your bank account. We asked eShagi’s founder Mr Munyaradzi Gwatidzo how the 30-minute pre-approval differs from the final approval.

Pre-approvals mean that the KYC documents can be verified and approved before a person applies for a loan whereas final approval is when the creditworthiness of a client is assessed, credit limit and the loan application is completed.

Whilst the “30-minute approvals” the reality is that you probably won’t have any money in your bank account within that time slot.

In our discussions with Munyaradzi, we also talked about their traction since launch and he said to date they had registered 50 000 customers with 10% loan conversion and average loan size of ZW$20 000 and US$500 in other markets.

Mr Gwatidzo also shared that eShagi is currently in the process of signing up 1 000 merchants which will give people the option to apply for loans at these stores or via the web or WhatsApp.


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  1. Imi vanhu musadaro

    Getting fast tracked loans is a sure fire way to lose your property, in the case of default, because you wouldn’t have read the fine print on your 144% 🥵 per annum loan.

  2. Yanis Star

    With credit business, the crux of the matter is not on loan origination. It is more on collection. Where the origination process is automated, the idea is to improve collection. I would love to know how Munyaradzi is collecting given the size of the loans he is approving, because that determines the future of his enterprise. Banks and MFIs fail not because they cant lend but because they cant collect.
    Further, the new MFI Act requires that the terms and conditions be displayed before a client applies, here is hoping that the terms and conditions are available on the portal.

  3. Shame Chigwada

    Needing a loan

  4. jubrin023

    Do you need Personal Business Cash Finance?E-mail:
    Call or add us on what’s app +91-9599047193 Mr.Abubakar

  5. Ta

    Are you still offering this service?

  6. Mimi

    Is it ok to pay the loan at once

  7. Wadzanayi Majoni

    You seem to have a good service can I have a usd loan

  8. Prince Mutekure

    Want instant loan

    1. Tinodaishe manjawila

      I am in need of an instant loan please

  9. Philani Ngwenya

    Can I have your phone number

  10. Chirara

    In serious need of cash now. Please help

  11. FMM

    Is this service still available

  12. Farai Majuru

    The phone number provided is not on WhatsApp

  13. Albert Simbarashe Mutenda

    i need a loan

  14. Herbert sibanda

    I am interested

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