Pezesha which is peer to peer micro-lending marketplace that connects lenders with high quality underserved low-income borrowers has just launched new service that enables borrowers on its platform to apply for loans via SMS.
The new service will allow the already existing borrowers on its platform to apply for loans through a USSD code and instantly get funded at no extra cost other than the normal carrier SMS charges which are Kshs 1 / $0.01 per SMS. Borrowers will need to send the word “Apply” to Pezesha’s SMS short code “22235.”
This follows the constant demand from our existing borrowers (now more than 6,000) and new borrowers who yearn to grow their microenterprises and our consistent efficiency that not only guarantees our customers’ replenishment of their stock in time and increase in their profits, but also gives them access to their credit score history report and how to improve it in order to get bigger loans to double their microenterprises growth and climb up the financial ladder”, says Tabitha, Pezesha’s Marketing Lead.
To qualify for a loan through the new service, applicants need to have been vetted and registered by a Pezesha agent, taken and paid a previous loan and qualified through Pezesha’s robust credit scoring system.
Pezesha uses credit and data analytics to provide an alternative option to get an unsecured loan quickly and at a lower rate than the ones offered by banks targeting low-income borrowers.
“We target low-income audience and currently at least 80% do not own a smartphone. Meaning they cannot access affordable financial services from their low-end phones. Pezesha, therefore aims to use this SMS channel to bring choice and financial inclusion to the more than 6 Million excluded informal populations of micro businesses in Kenya. Most important use our agent networks across the country to enlighten our low-income households target on financial literacy that elevates them up the financial ladder.” adds Tabitha from Pezesha.
Pezesha was founded in late 2016 by Hilda Moraa, who was previously the CEO and Co-founder of WezaTele which was sold to Jumo for $1.7 million. In October 2017, Pezesha was selected to participate in Blackbox Connect 20 accelerator programme at Silicon Valley.