BY SHADRACK KAVILU
Nairobi, Kenya-Mauritius-based Cim Finance has launched a one stop mobile app “Aspira” for product financing for assets such as furniture, phones, and electronics amongst others.
The app which was launched in Nairobi on Wednesday will be available on IOS and Android mobile platforms.
The app will allow users to apply for credit, get instant credit information, retailer information, loan status, payment updates amongst others.
With a maximum simple interest rate of 4 percent per month on the financing and a loan range of up to Ksh. 350,000 for first-time customers, the application will give user access to a wide variety of goods from different retail partners.
“Our pilot in the Kenyan market, which started last year, has been very successful and we can attribute this to the growing economy, market potential, high technology usage and demand for credit,” said Yoeal Haile, Cim managing director.
Haile noted that they have successfully rolled out this model in Mauritius and based on the fact that the product is tailored for the Kenyan market through extensive research they are sure that Kenyans will benefit immensely.
“We have invested Ksh. 9bn into the venture, a clear indication of the level of confidence we have in the success of the project,” said Haile.
To ensure the company provides great customer experiences while managing risk, the managing director said they have partnered with TransUnion to provide them with innovative scoring and verification solutions.
This also helps us make quick decisions on loan applications with good turnaround times. All the loans will also be insured to cover repayments in case of death or permanent disability.
“To encourage responsible borrowing, subscribers can only take financing for one product at a time. The benefit is that for the next purchase they will not be required to pay a deposit and they will also enjoy a lower interest rate and higher credit limit,” said Haile.
The test pilot was done in Nairobi with a roll-out expected in Kisumu and Mombasa before the end of the year.
The managing director explained that users will need to download the app from the App Store or Google Play, supply all the relevant information including name, date of birth, current work status and income.
Other verification documents include bank statements, Payslips, MPESA statements amongst others. The users will then get an instant decision and credit limit.
After approval customers can then visit their retailer of choice and pay a minimum deposit of 30 percent. The goods become instantly available to them as the payment is disbursed directly to the retailer.
Customers can choose to pay over 3, 6, 9 or 12 months period using the Aspira, Pesalink or Mpesa option to make monthly payments.
“We are excited to partner with CIM Finance to bring a game-changing financing to the Kenyan market, enabling a wider range of consumers to be able to purchase quality household appliances and electronics from the Hotpoint retail stores,” said Keval Kanani, director, Hotpoint Appliances Ltd.