Orange’s N’stakolle loans surpass P1.5m
Pauline Dikuelo | Tuesday September 12, 2023 06:00
According to the telecommunications giant, through its latest digital nano loan offering Orange Money N’stakolle Loan Service, it has disbursed loans exceeding P1.5 million. Orange Money CEO, Seabelo Pilane said the achievement is a testament that the product met and addresses a market opportunity and high demand for low cost value loans. He added this has always influenced their decision to re-evaluate the initial limit and raise it including the number of eligible customers who qualify for the loans.
The N’stakolle loans were initially introduced with loan amounts ranging from P50 to P1,200. Following increased demand from customers the thresholds were changed to start from P20 minimum up to a maximum of P2,000. Interest on loans range from 7.5 percent and 12.5% depending on the tenure of the loan which each customer chooses, the options for which are 3, 7, 14, 21 and 30 days. “Orange Money continuously work to provide real world solutions that aim to meet key needs around our customers’ daily lives,” Pilane said.
“Additionally, we believe that having the right strategic partners as we do in Access Bank Botswana is critical; the ability of the teams to work tirelessly to introduce Botswana’s first low cost, real time nano loan and have it become a success is truly inspiring and humbling.” Through the Orange Money N’stakolle Loan Service, Orange customers can access loans from P20 to P2, 000 with an interest rate ranging from 7.5 percent and 12.5% depending on the tenure of the loan which each customer chooses. The service was born out of a partnership between Orange Money Botswana and Access Bank Botswana with the aim of offering Orange Money registered customers access to affordable real time loans.
“Orange Money is fully devoted to contributing to the growth and advancement of Botswana’s mobile financial services landscape. Our primary goal is to empower Batswana, allowing them to actively participate in the financial ecosystem with a sense of pride and dignity. We firmly believe that providing access to N'stakolle Loans plays a pivotal role in achieving this mission,” added Pilane. According to Orange, the simplicity and transparency of the N’stakolle Loan enables customers to have the freedom of choice to meet their financial needs promptly. Equally, by leveraging N’stakolle Loan’s real-time processing, customers are spared the need to wait in queues or endure time-consuming application processes, the company said.