Centenary Bank has rolled out a new innovation where customers can get instant and fastest loans through their mobile phones dubbed the CenteMobile loans on the banking platform.
This service was enabled through the banks partnership with Craft Silicon a technology provider who came up with the application and the product will now be available for low income earners who desire convenient and self-service options through which they can access micro loans for emergencies.
Through the CenteMobile Loans, a self-service opt in product, customers registered on CenteMobile shall be in position to borrow instant loans from as low as UGX. 5,000 up to a maximum of UGX. 2 million. The loans are meant to carter for emergency needs like paying school fees, purchase of goods and services, paying medical bills, buying fuel among others. Customers shall access the service anytime, anywhere using their mobile phones and there is no need to pay loan application and processing fees. The loan is payable within 30 days from the day of disbursement, at a low interest rate and customers do not need to worry about security in order to borrow, since credit scoring shall be based on their credit history and banking activity.
Speaking at the launch of the service, Mr. Fabian Kasi the managing director of Centenary Bank said the introduction of CenteMobile Loans, an additional feature on the existing CenteMobile banking platform is part of the Bank’s efforts to promote financial inclusion. “We serve over 1.4 million customers, majority of whom are low income earners located in the rural areas. This service has been designed to enable our customers access small instant loans, conveniently using mobile phones wherever they are, without the need to visit a branch.” There is no paper work required to access the loan, the customer only has to be registered on the CenteMobile banking platform, then dial *211# or use the CenteMobile App to get money instantly on their accounts, added Kasi.
CenteMobile loans, an additional feature on the CenteMobile banking platform, shall initially be accessed by only Centenary Bank customers registered on the CenteMobile, then later extended to the public. The CenteMobile banking platform has undergone several enhancements since its launch in 2012 in partnership with Craft Silicon, with the addition of bill payments, push and pull, school fees payment and Inter-Bank transfer service options to meet the changing needs customers.
“Data is the new oil and for CenteMobile Loans we use data and artificial intelligence to give safe and secure lending to Ugandans,” stated Mr. Kamal Budhabhatti, chief executive officer, Craft Silicon in his address to the media during the launch.
