Safe, responsible credit solutions for grant recipients, The Easy Way

After the festive season, we know many families find themselves in a tough financial situation at this time of year. There are so many expenses at the start of a new year, with the start of the new school year while still recovering from festive season spending. Many people rely on loans to make it through these tough times – but this often comes with long queues and lots of paperwork.

How is EasyPay Everywhere helping to make this easier?

What are the biggest challenges faced by lower income households and grant recipients around accessing credit?

Many customers have not had access to safe, responsible credit options in the past. These are vulnerable customers who may not have a credit record and would likely have been excluded from traditional financial services or access to relevant credit options.

At EasyPay Everywhere, we’re driving financial inclusion through access to practical solutions for our customers – providing credit access to grant recipients through lending solutions designed specifically to meet the needs of our customers in our market.

Tailored solutions designed to make customers’ lives easier

For example, our new lending proposition is a R 4000 loan offered to customers over 9 months, making it easier to repay in smaller amounts over time at just 12% interest. We’re working to help customers repay safely and responsibly – helping them build a credit profile over time, which means greater access to responsible credit options down the line.

What is the repayment experience like in eKasi? Don’t you struggle to get customers to repay their loans?

Actually no, this is a massive misconception about customers in this market. We find that our customers repay their loans better than most. Our repayment rate is better than the market - with a bad debt rate of only around 4% to 6%.

So we know, applying for credit usually means a lot of paperwork. What is EasyPay Everywhere doing to help make this easier for customers?

We’ve worked hard to streamline this process for our customers. EasyPay Everywhere customers don’t even need an ID to apply for a loan. We are linking to the Home Affairs database to make verification easy, using just the customer’s fingerprint.

We’ve also made it easy for customers to access our solutions through our branch network, or digitally - via our USSD channel on *120*3737# or via our contact centres. We’re ensuring customers can access the financial solutions they need easily and affordably– without having to travel long distances.

With an EasyPay Everywhere transactional account, EasyPay Everywhere customers can access easy banking, loans and funeral cover solutions to suit their needs.

We’re working to bring relevant financial solutions to our customers, the Easy Way.

Watch the video.

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