Instant bank loan: Standard Bank launches QuiQMola

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Instant bank loan: Standard Bank launches QuiQMola

2:16 CAT | 06 Feb 2020

Alfredo Mucavela. [Photo: A Verdade]

Standard Bank launched its innovative instant bank loan service, QuiQMola, on February 5, saying the new service offers greater speed and security.

An immediate credit facility created to meet the urgent needs such as medical expenses or school fees in amounts of 1000 to 100,000 meticais, reimbursable in a single instalment and with repayment terms ranging between 1 and 30 days and carrying a five percent commission.

Standard Bank Director of Marketing and Communication Alfredo Mucavela told a press conference in Maputo on Wednesday that QuiQMola’s efficiency and speed would make a difference in the lives of Mozambicans, particularly Standard Bank customers.

“This platform was created to satisfy the urgent needs of society, as it facilitates quick, secure and convenient access to credit and results from the analysis and interaction with the bank’s customers,” he said.

Mucavela said the new service would also help people avoid resorting to informal lenders in emergencies.

To benefit from the multiple advantages that this service offers, it is enough to have been a Standard Bank customer for more than six months, have an average monthly deposit volume of 15,000 meticais and have no overdraft or credit facilities in progress.

This financial solution will allow Standard Bank customers to request and obtain a bank loan in less than 24 hours, Standard Bank’s credit products manager Elísio Mabasso pointed out.

“Our expectation is that fewer and fewer Mozambicans will resort to formal or informal financial means at exorbitant interest rates, which often also require attachment of assets,” he said.

Standard Bank customers who request this service will receive a notification indicating the amount of finance available, the repayment terms and instructions on how to activate the loan.

“Those who are not yet customers, will become eligible for QuiQMola from the moment they open a bank account, if are aged between 21 and retirement age, make monthly financial transactions and ensure that they do not have financial irregularities,” Mabasso said. “This secure and fast credit can be accessed via the bank’s digital platforms NetPlus, NetPlus App and Quiq.”

The purpose of QuiQMola is to facilitate access to credit, thereby contributing to the development of the economy and the increase of family incomes.

Source: A Verdade