Orange’s N’stakolle loans surpass P1.5m

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.